In a large microwave safe bowl, combine oats, milk, water, brown sugar, cinnamon, molasses, and salt. Cook oatmeal mixture in the microwave for 3 1/2 minutes. Remove from microwave, stir in optional butter and allow to cool several minutes.
Meanwhile, in a small bowl, using a fork, whisk together cream cheese, powdered sugar and milk until well blended. Drizzle or pipe icing over oatmeal (if you'd like to make the swirl as I did in the photos just make an light indentation in oatmeal with a chopstick, when it has cooled slightly, then pipe icing into indentation). Sprinkle lightly with additional cinnamon if desired. Serve warm.
Additional serving suggestion: if you like chopped pecans or raisins in your cinnamon rolls feel free to sprinkle some in.