Place pickling spices in a cheesecloth bag. In a large saucepan, combine vinegar, sugar, cinnamon, salt and the spice bag; bring to a boil. Drain the beets, reserving 3/4 cup juice. Stir beets, and reserved juice into a saucepan. Pour into a 1-1/2-qt. glass container. Cover and refrigerate overnight. Remove spice bag before serving.