Preheat the oven to 300 degrees F. Heat the butter in a 4 quart saucepan. When frothy, add the rice and cook for 1 minute. Slowly add the milk, pinch of salt, sugar, vanilla and 1/2 of the cranberries and bring to under a boil. Transfer to a 9-inch square baking pan and set in the oven. Bake uncovered for 1 1/2 hours, stirring every 15 minutes, then bake undisturbed for another 30 minutes. Then stir in the remaining 1/2 of the cranberries and bake for another 30 minutes (for a total of 2 1/2 hours).
Variations: you can to add heavy cream in the last 30 minutes of baking. Or if you want a crusty topping, reduce sugar to 1/4 cup. Once out of oven, crumble brown sugar and butter over the rice pudding and place under the broiler until melted and bubbly.
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