Bring the water to a rolling boil over high heat. Add steel cut oats, molasses, pumpkin pie spice, raisins and 1 mashed banana to the pot and bring back to a boil.
Reduce heat to medium-low and simmer for 12-15 minutes, or until water has been absorbed and oats are tender.
Mix to combine and serve with milk, sliced bananas, and maple syrup (if desired), to taste.