Heat the milk plus 2 cups of water in a medium saucepan until it starts to simmer.
Add the oatmeal and salt, bring to a boil, then lower the heat and simmer for 4 to 5 minutes, stirring occasionally, until thickened.
Off the heat, stir in the banana, cherries, and raisins. Place the lid on the pot and allow to sit for 2 minutes. Serve hot with maple syrup or brown sugar and extra milk.