In a saucepan over low heat, stir together the evaporated milk and 2 cups of sugar. Cook over low heat, stirring occasionally, until the mixture is thick enough for you to see the bottom of the pan when you stir, about 25 minutes.
Slowly stir in the sweetened condensed milk, pouring in a very thin stream.
Pour a small amount of the hot milk mixture into the egg yolks, and then slowly pour back into the saucepan in a thin stream while stirring vigorously.
Mix in the vanilla. Run the mixture through a sieve or strainer, into individual ramekins or heatproof custard cups. Set aside.
In a separate saucepan, stir together 1 cup of sugar and water. Bring to a boil, and cook until the mixture can spin a thin brittle thread off the spoon.
Remove from the heat. In a large bowl, whip egg whites with an electric mixer until they can hold a stiff peak.
Drizzle in the sugar syrup while whipping on low speed until fully incorporated. Then, mix on medium speed until the meringue is cold. This will prevent it from separating. Spoon onto the cups of custard to serve, and top with a light dusting of ground cinnamon.
