The night before:

1. In a large heavy-bottomed pot or Dutch Oven, melt the butter over medium heat. Add steel cut oats and stir frequently, until lightly golden and they smell toasty.
2. Add the water and stir to combine. Bring just to a boil, then place lid on pot and turn off heat.
3. Let sit, covered, on stove overnight until ready to serve.

In the morning:

1. Gently stir the oats with a wooden spoon to loosen them up. They will be thick. Stir in milk and turn heat to medium. Continue stirring frequently until heated through.
2. Serve hot with desired toppings such as fresh fruit, cinnamon, jam, brown sugar, coconut, etc.