In a pot, bring the milk and rice to a boil.

Slice the vanilla bean in half lengthwise and scrape both sides with the edge of a knife to remove the vanilla seeds. Place the seeds and vanilla bean in the pot with the milk and rice (If using vanilla extract, add it in the last few minutes of the cooking time).

Reduce the heat to a simmer and cover. Cook for 40 minutes stirring occasionally.

Add the agave and stir to combine.

Can be served warm or chilled.