In a medium saucepan, melt butter over medium heat. Stir in steel-cut oats, coat in butter and toast lightly about 2 minutes. Stir in water and salt. Bring to boil and then reduce to simmer lightly for 20 minutes, covered.
Stir milk into oatmeal, cover, and cook another 10-15 minutes or until oats are cooked completely. Remove from heat and stir in vanilla and cinnamon. Divide between two bowls.
For the cobbler topping, stir all ingredients together until combined and divide into two equal portions. Top each bowl with prepared topping, bananas and maple syrup. Serve warm.