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Sift flour, granulated sugar, baking powder, salt and cinnamon in a large bowl. Combine sweetened condensed milk, evaporated milk, egg, butter and vanilla extract in a small bowl. Pour milk mixture into flour mixture. Mix until completely combined.
Drop about ½ tablespoon of batter into each muffin cup. Bake for 8 to 10 minutes or until wooden pick inserted in center comes out clean. Let cool in pan. When completely cooled, dust with powdered sugar mixed with cinnamon or roll in cinnamon-sugar.