Add 2 cups water, 3 1/2 cup milk to a 4 QT heavy bottomed pot. Bring to a boil over medium-high heat with vanilla extract, cinnamon, bay leaf, and all-spice.
Meanwhile, add 1 cup cornmeal and 1 cup water to a large mixing cup and whisk until smooth.
Once the pot begins to boil, whisk in cornmeal mixture and continue to whisk for about 1 minute, ensuring there are no lumps. Reduce heat to low and cover with a tight fitting lid.
Once the pot begins to boil, whisk in cornmeal mixture and continue to whisk for about 1 minute, ensuring there are no lumps. Reduce heat to low and cover with a tight fitting lid.
Cook over low heat for 15-20 minutes, stirring occasionally. When there is about 5 minutes left,. Remove from heat and sweeten with condensed milk. Serve and enjoy.