In a medium saucepan, bring milk (or milk and water mixture) to a gentle boil over medium-high heat, stirring occasionally to prevent scorching.
Reduce heat to low and slowly whisk in the Cream of Wheat in a steady stream, stirring constantly to prevent lumps.
Continue cooking, stirring frequently, for 2-3 minutes until the mixture thickens to your desired consistency.
Remove from heat and stir in brown sugar, cinnamon, vanilla extract, salt, and butter until well combined and butter is melted.
Let stand for 1-2 minutes to thicken slightly (it will continue to thicken as it cools).
Divide among four bowls and top with your favorite toppings like fresh berries, sliced bananas, chopped nuts, extra cinnamon, or a drizzle of maple syrup.
Serve immediately while warm and creamy.