Bring the cooked rice 2 cups of the milk and sugar to a boil. Lower heat to that it is a low boil. Do not have it at too high a heat as that could scald the milk.
Stirring often, cook for 20-25 minutes. The rice should absorb much of the milk.
In a separate bowl, beat the eggs with the remaining 1/2 cup milk. Slowly stir the egg and milk mixture into the rice pudding. Mix in the dried cranberries, vanilla and cinnamon. Cook for another 3-4 minutes, stirring regularly.
Remove from the heat and let stand 15 minutes before serving.