Combine milk and oats in a bowl and let stand at least 5 minutes. Add oil and eggs, mixing well. Stir in flour, sugar, baking powder and salt. Stir just until dry ingredients are moistened. Bake on a hot, lightly greased griddle (I use an electric frying pan), using 1/4 cup batter for each pancake. Turn when top is bubbly and edges slightly dry. Makes 10-12 four inch pancakes.
Variations: Add a handful of chopped walnuts to the batter or a cup of fresh blueberries, or place a few slices of banana on each pancake just after you pour it on the griddle. I have doubled this recipe with good results.