In a large saucepan, bring milk and water to a gentle boil over medium-high heat.
Stir in the steel-cut oats and salt, then reduce heat to low.
Simmer uncovered for 25 to 30 minutes, stirring frequently, until the steel-cut oats are tender and the porridge is creamy. If it thickens before the oats are tender, add a small splash of water or milk.
Remove from heat and stir in cinnamon, honey, and butter until well combined.
Let stand for 2-3 minutes to thicken slightly.
Divide among bowls and top with your favorite toppings and an extra drizzle of honey.