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Place the oats and milk in a medium saucepan over medium-high heat and bring to a rapid simmer. Reduce the heat to medium-low and cook, stirring constantly, until the oatmeal is thick, about 10 minutes. Add sugar, to taste, and set the oatmeal aside to cool slightly.
Transfer the oatmeal to a container and refrigerate it for at least 2 hours or overnight. Strain the liquid, add the vanilla and add more milk if you want it thinner. Serve cold.
Per Serving: Calories 347; Total Fat 13 grams; Saturated Fat 7 grams; Protein 14 grams; Total Carbohydrate 44 grams; Sugar: 31 grams; Fiber 2 grams; Cholesterol 37 milligrams; Sodium 158 milligrams