01 - In a medium saucepan, combine rice, milk, salt, and butter. Bring to a gentle boil over medium heat, stirring occasionally.
02 - Reduce heat to low, cover, and simmer for 18-20 minutes until rice is tender and most milk is absorbed. Remove from heat and let stand covered for 5 minutes.
03 - In a medium bowl, beat softened cream cheese and butter together until smooth and creamy. Gradually add powdered sugar while beating until combined. Stir in vanilla extract. Add milk 1 tablespoon at a time until frosting reaches smooth, spreadable consistency.
04 - Fluff warm rice with a fork and spoon into serving bowls while still warm. Spread or dollop frosting generously over rice.
05 - If desired, sprinkle with cinnamon and toasted nuts for added flavor and texture. Serve immediately.