COMBINE evaporated milk, water, rice flour, salt, sugar, cinnamon stick and orange peel in medium, heavy-duty saucepan. Heat on medium high, stirring constantly, until mixture begins to boil. Reduce heat to medium. Stir in butter. Remove from heat. Discard cinnamon stick and lime peel.
POUR into individual dessert bowls. Cool slightly. Refrigerate until chilled. Sprinkle with ground cinnamon before serving, if desired.
NOTE: Can substitute 1 cup coconut milk or coconut water for the water.