Rice - Classic, old-fashioned rice pudding rice is typically made with converted long grain rice, such as Uncle Ben's™, and you can't go wrong with this rice. I also love Arborio rice for rice pudding. I love the plump grains of rice and it cooks up wonderfully in the milk. Basmati and Jasmine are also long grain rice, that would be an option in the absence of the first two choices. I don't recommend any other type of short-grain or quick-cooking rice for rice pudding, as it tends to result in a mushy pudding with this long-simmering recipe.
Milk - Whole, full-fat 3.5% b.f. milk is best for rice pudding. You can use 2%, if that's all you have, though the resulting pudding won't be quite as creamy. I wouldn't use milk less than 2%, for best results.
Cream - The addition of heavy whipping cream (35% b.f.) contributes both to the creamy flavour of the pudding and to the thickening process. I recommend using the heavy cream. You may be able to use a lighter cream in a pinch, such as Half & Half 10% cream, but I haven't tested it myself. I suspect it may result in a looser pudding to some extent.
White Granulated Sugar - The sugar is added simply for sweetness, so you can adjust the amount to your personal taste. I always suggest making the recipe as written first, then tweak after that. Likewise, other sweeteners will work here, but best to stick to granulated sweeteners if possible (vs liquid), to avoid thinning the pudding too much.
You will also need - eggs (2), salt, vanilla and raisins, if using.