Put the rice in the top of a double boiler set over simmering water. Add milk, water, salt and rice. Cover and cook until the rice is tender. Stir in the condensed milk, cherries, and heavy cream. Cook over simmering water about 20 minutes or until the pudding thickens slightly, stirring frequently. Remove from heat and stir in the vanilla and orange zest. Spoon pudding into individual bowls and sprinkle with nutmeg. Serve warm.
Recipe courtesy of Bobby and Jamie Deen, Y'all Come Eat