Place the rice, milk, water, cinnamon and nutmeg in a saucepan over low heat. Cook, stirring regularly for 25-30 minutes or until rice is tender. Remove the cinnamon stick and stir through maple syrup.
Whilst the rice is cooking, heat a deep frying pan over low heat. Heat the oil, add the rice syrup and water and heat until runny. Increase the heat and cook for five minutes until the mixture turns golden. Add the apple rings and cook for five minutes, turning occasionally until soft and syrupy.
Serve the rice pudding topped with a couple of slices of caramelised apples.
Add a little more maple syrup if you like your pudding to be sweeter.