Use the Brown setting to melt the butter. Stir in the rice and coat well with the butter. Turn off the Brown function.

Add the milk, the water, the sugar and the salt. Stir, close the lid and turn the knob to Pressure. Set the timer for 20 minutes at LOW pressure.

When done, release the pressure and open the cooker.

In a small bowl, mix the egg, evaporated milk and vanilla.

Stir in a small amount of the hot liquid from the cooker, then add the mixture back to the cooker.

Use the Brown setting to cook the mixture, stirring constantly with a wooden spoon, until the rice pudding just barely begins to bubble. Turn off the Brown feature. Cool 10 minutes, stirring occasionally.

Transfer to individual dessert bowls, continue cooling to room temperature, and then refrigerate. Serve sprinkled with cinnamon.