Place the milk, water, cinnamon stick and salt in a large pot and bring to a boil. Slowly stir in the rolled oats. Bring the oat mixture up to a simmer and cook slowly stirring regularly to ensure it does not stick to the pot and burn. Cook the oats until they become creamy and have the desired thickness.
Slice the peaches into a bowl, add the lemon zest and drizzle with the honey. Mix the peaches and set aside until the oatmeal is done.
To serve the oatmeal, remove the cinnamon stick and serve with the peaches on top, drizzle each bowl with some of the peach juice. Serve immediately.
