In a medium saucepan, combine rolled oats, grated carrot, and diced apple. Pour in milk and water. Add maple syrup or honey, cinnamon, and vanilla extract. Stir until well mixed.

Place the saucepan over medium heat, stirring occasionally until the mixture begins to steam and bubbles form, about 3-4 minutes.

Once simmering, reduce heat to medium-low and allow to cook for 6-7 minutes, stirring occasionally.

After cooking, check consistency and adjust with more milk or water if too thick. Serve warm and add toppings if desired.