In a large microwave safe bowl, combine oats, milk, water, sugar, optional cinnamon and salt. If using fresh peaches add them to oatmeal mixture before microwaving so they will cook and become softened.
Microwave mixture on HIGH power for 3 1/2 - 4 minutes. Remove from microwave and stir in vanilla. If using canned peaches fold them into oatmeal after microwaving. Drizzle oatmeal with cream. Serve warm.
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