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In a blender, grind the rice and almonds. Transfer to a bowl and add hot water. Refrigerate overnight.
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Blend the mixture with a stick or regular blender. Strain the mixture through a fine mesh strainer.
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Stir in the sugar, vanilla and milk.
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Serve in glasses over ice. Garnish traditional horchata with the ground cinnamon.
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For MOCHA horchata: add cocoa and granulated coffee in Step 3.