Rinse the rice in water to get rid of as much starch as possible. To wash, place the rice in a large saucepan, cover with water and swirl around. The water will get cloudy. Pour out the cloudy water, use a strainer to keep the rice from making a giant mess. Repeat until the water is clear.
In the same saucepan, over medium heat, mix the rinsed rice, 5 cups of whole milk, cinnamon stick, lemon peel, anise seeds and salt. Bring to a simmer while stirring constantly to avoid the milk from burning and spilling over.
Reduce heat to low. Once the milk is mostly evaporated, add an additional 3 cups of milk and stir to incorporate. Cover saucepan, stirring occasionally to ensure that the bottom doesn’t burn. If the milk has evaporated, but the rice is still not tender add an additional 2 cups of milk. It may seem like a lot of milk, but this ensures that when the rice is done, the arroz con leche remains creamy and won’t clump together.
Stir in butter and condensed milk into the cooked rice. Remove cinnamon, star anise and lemon.
Cook uncovered over low heat, stirring frequently until liquid is mostly absorbed, the rice is completely tender and you begin to see the texture of the rice. At this time, add in the sugar and cook for another 10 minutes.
Remove from heat and spoon into individual serving dishes or eat it straight out of the pan, no one will judge you. Sprinkle with cinnamon and chill for about an hour before serving.
The leftover arroz con leche will keep in an airtight container for up to 3 days or until you eat it all, whichever comes first.