Place water and rice into a medium, heavy-bottomed saucepan; heat over medium heat. Once it comes to a boil, boil gently for 5 minutes.
Stir in milk, sugar, Coffee mate Pumpkin Spice Flavor Liquid, pumpkin and pumpkin pie spice. Reduce heat to medium-low. Cook, stirring occasionally, for 30 to 35 minutes. Remove from heat and allow to cool.
Serve warm or cold and sprinkled with additional pumpkin pie spice, if desired.