In a saucepan, heat the oil or butter and saute the onions over medium heat until soft but not brown. Add the rice and saute 2 minutes longer, stirring occasionally. Add the remaining ingredients and bring to a boil, stirring once or twice. Reduce the heat to a simmer, cover, and cook 15 minutes or until all the liquid is absorbed. Remove the cinnamon stick. Let the rice stand 5 minutes, partially covered, before serving.