In a heavy saucepan, bring water to a boil; stir in rice and salt. Cover, reduce heat, and simmer until water is absorbed, about 12 minutes.
Stir in milk, Splenda Sweetener, raisins, and cinnamon. Cook, uncovered, over low heat, stirring occasionally, until most of the milk is absorbed and mixture is creamy, about 15 minutes.
Remove from heat and stir in vanilla extract. Serve warm.