1) In a medium saucepan over a medium heat, combine 1.4 litres of the water and the rice, cinnamon, peach slices, sugar and vanilla. Stir to combine.
2) Bring to the boil, reduce to a simmer and cook, covered, for 40 mins, until the rice is tender. Remove from the heat and allow to cool.
3) Discard the cinnamon stick and puree the mixture in batches in a blender.
4) Strain through a fine mesh strainer into serving jug and discard the pulp. Stir in the remaining 500ml of water.
5) Serve warm or chilled, dusted with ground cinnamon.