Prepare the peaches. Cut the canned peach slices into small, bite-sized pieces so they distribute evenly throughout the oatmeal.
Combine the ingredients. Add the oats, water, chopped peaches, and reserved peach juice to a microwave-safe bowl. Stir gently to combine.
For a 500-watt microwave: Microwave for 2 minutes, remove and stir, then microwave for another 2 minutes. Stir again and continue cooking in 1-minute intervals until the oats are tender and the oatmeal reaches your preferred consistency.
For a 1200-watt microwave: Microwave for 30 seconds, stir, then microwave for another 30 seconds. Continue heating in 30-second intervals, stirring between each interval, until the oatmeal is cooked.
Add the flavorings. Once the oatmeal is cooked, stir in the cinnamon and butterscotch or vanilla extract. Add sugar or honey if you prefer a sweeter breakfast.
Serve warm. Stir once more to distribute the flavors evenly, then enjoy while warm.