Combine the milk and sugar in a medium saucepan over medium-high heat; cook until sugar dissolves, stirring frequently. Add cinnamon sticks to milk mixture; cook 5 minutes, stirring occasionally (do not boil). Remove from heat; let stand 20 minutes.
Stir in the vanilla and almond extracts. Place pan over medium-high heat; cook 3 minutes or until thoroughly heated. Remove and discard cinnamon sticks.
Pour into cups and sprinkle with cinnamon, if desired.
You can make this a day ahead of time, refrigerate, then reheat when ready to serve.