In a medium saucepan melt the butter over medium heat. Add steel cut oats and cook until toasted and fragrant, about 3 minutes.
Add hot water to toasted oats. Bring to a boil then reduce and simmer for 25 minutes.
Stir in milk, cinnamon, nutmeg, and salt. Continue to simmer for about 20 -25 minutes, or until oats are tender but still firm.
Remove from heat and let stand for 5 minutes.The oats will still be a little "soupy" but after they stand for 5 minutes or so they will thicken up perfectly.
Divide into 5 servings then stir in 1 tablespoon peanut butter, 1 tablespoon fruit preserves, and 2 teaspoons maple syrup into each serving.
Notes
Make Ahead Instructions The base recipe can be made ahead of time and refrigerated and/or frozen. Heat up in microwave then stir in maple syrup, peanut butter, and jelly.