Whisk together milk, water, cocoa powder, vanilla, cinnamon and salt in a sauce pot over medium heat. When bubbles begin to form around the edges, add oats and stir.

Bring oats to a low boil then reduce heat to low. Cook until liquid is absorbed and oats are chewy, 5-6 minutes.

While oatmeal is cooking, heat the peanut butter in the microwave until smooth, about 30 seconds.

Pour oatmeal into four bowls and drizzle each bowl with a tablespoon of melted peanut butter. Top with banana slices to serve.