Heat your base. In a small saucepan, add the oats, milk, and water.
Stir in a pinch of salt. Bring to a gentle simmer over medium heat.
Cook the oats. Reduce heat to medium-low and cook for 4–6 minutes, stirring occasionally, until the oats are soft and the mixture starts to thicken.
Make the chocolate base. Stir in the cocoa powder until fully combined. This blends more easily while the oats are still loose and hot.
Thicken to your liking. Continue cooking for another minute, stirring often.
If it gets too thick, splash in a bit more milk or water.
Remove from heat before adding protein. Take the pot off the burner. Whisk the protein powder in gradually to prevent clumps. Add vanilla and sweetener, then stir until smooth.
Swirl in the peanut butter. Spoon in the peanut butter and fold it through.
Leave streaks for a ripple effect or mix it completely for a uniform flavor.
Taste and adjust. Add a touch more sweetener, cocoa, or milk if needed. Aim for a creamy, spoonable consistency.
Serve and top. Pour into a bowl. Finish with sliced banana, a few chocolate chips, a sprinkle of chia or flax, or a dollop of Greek yogurt for extra protein.