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Lay each piece of cinnamon out on a kitchen counter or similar surface to let it dry. You can lay down plastic or paper towels under the cinnamon, if desired. Try to let the cinnamon dry in a single layer, if possible. As the cinnamon dries, it will curl up into little scroll-like forms. If you're not sure whether the cinnamon is dry or not, wait at least 5 days to be certain. You can break the pieces up after the cinnamon dries. If you scraped off tiny scraps of cinnamon, put the scraps into a coffee grinder to turn the cinnamon into a powder. You can leave longer scrolls of curled up cinnamon as they are and use them for drinks or recipes. Choose a spot on your shelves or in the pantry to keep the cinnamon out of hot, moist environments. Put the cinnamon in sealed containers to help it stay fresh.  Place cinnamon in glass jars or plastic containers to preserve its taste and smell. Cinnamon will last 2-3 years when stored in a sealed container, though it may begin to lose its strong flavor and scent as time goes on.

Summary:
Let the cinnamon dry in a clean, warm environment. Wait 4-5 days for the cinnamon to dry. Grind the cinnamon into a powder or leave it rolled up. Store the cinnamon in a cool, dry place.