Bring water to a boil in a heavy medium-sized saucepan. Stir in salt and rice. Cover, reduce heat and simmer until water is absorbed (about 12 minutes).
Add milk, SPLENDA® Granulated Sweetener, cinnamon, and raisins. Cook, uncovered, over low heat, stirring occasionally, until most of the milk is absorbed (about 15 minutes). Remove from heat and stir in vanilla. Serve warm.