Combine all of the ingredients in a small-medium sized heavy bottomed saucepan.

Bring the mixture to a boil, stirring often. Reduce to a simmer.

Cook, stirring frequently (to prevent burning) until the mixture thickens (enough to coat the back of a spoon with white) and looks a bit like tapioca pudding (with the rice floating on top). This does take a while (usually about 1-1/2 hours), so be patient!

Pour the thickened mixture into a heat proof bowl or container; cover, and refrigerate. Serve cold for best results. (Note: The mixture will continue to thicken as it chills.)