Shape cooled rice pudding mixture into one and a half-inch round balls.
Dredge each ball of rice pudding in the flour, then the eggs, and lastly in the ground cookies.
Place all the coated balls on a sheet tray and cool for at least one hour or overnight.
Fill a heavy-bottomed saucepan 2-3 inches deep in canola oil and bring up to 350 degrees Fahrenheit. Fry 3-4 balls at a time, ensuring to turn frequently to get an even cooking for approximately 3 minutes total or until golden brown and warmed through. Drain and immediately toss in cinnamon-sugar mixture.
In a small saucepan combine the milk, chocolate chips, and sugar, and salt. Slowly bring to a boil over medium-high heat and reduce to a simmer. Allow to simmer for 3-4 minutes and serve immediately.
Serve Arancini warm, drizzled with the hot chocolate sauce.
In a medium size saucepan combine the rice, milk, water, sugar, salt and cinnamon sticks. Cover with a lid and slowly bring to a boil over medium high heat and reduce to a simmer.
Simmer for 25 minutes and add the sweetened condensed milk. Simmer slowly for an additional 10 minutes and cool immediately.