Place steel cut oats, milk, pumpkin and cinnamon in a small pot.
Cover and place in the refrigerator overnight. In the morning, bring to a simmer then cook over medium-low heat until creamy, about 7 or 8 minutes. Stir in the peanut butter or PB2 and salt, if using, during the last few minutes of cooking time.
Remove from heat, pour into cereal bowl, and top as desired. (I like to drizzle a little honey on top as opposed to stirring it in. I think you taste it more and need less sweetener when it is on the surface.)