Rice Pudding

1/2 cup arborio rice, or another short-grained variety such as Carnaroli or sushi
4 cups milk (both whole and reduced-fat have worked for me)
1/4 cup granulated sugar
1/2 vanilla bean, split or 1 teaspoon vanilla extract
1 bay leaf (optional)
3/4 teaspoon almond extract
In a large saucepan, place all the ingredients, except the extract(s), if using. Bring it to a gentle boil and then turn it down to a gentle simmer, stirring occasionally to keep it from sticking to the bottom, until rice is very soft and plump, about 30 to 40 minutes. Taste the rice to check for doneness. Take the pudding off the heat and stir in the extract(s). Pour into one large or four individual ramekins or dessert bowls. You can serve it immediately or let it chill in the fridge.