Place the water, milk and oatmeal in a medium pot over medium heat and cook about 15 minutes, stirring often with a wooden spoon.

Add the cinnamon stick, ground cloves and sugar and reduce the heat to low. Simmer for 15 more minutes.

Remove the pot from the heat and set aside to cool.

Place the oatmeal mixture in a plastic container and refrigerate for a least 3 hours.

Discard the cinnamon stick and place the mixture in a blender and blend for 2 minutes. Add more water if you like a thinner consistency.

Serve cold.