In a large bowl, or the bowl of a standing mixer, combine the flour, oats, yeast, and salt.
In a small bowl, or a two cup measuring cup, warm the milk so that it’s hot enough to melt the butter, but not boiling. Add the butter, stirring until melted, then stir in the water and honey.
Pour the milk mixture into the flour mixture, mixing with a dough hook until it just comes together to form a dough. Knead in the mixer, with the dough hook attachment, for 7-10 minutes, until the dough is smooth and elastic (if you’re making this recipe by hand, the dough will be very sticky at first; flour your hands and work surface generously and be patient). If the dough is still very wet and sticky after 5 minutes of kneading, add more flour, 1 tablespoon at a time, until the dough is barely tacky. If the dough is too dry, add water, 1 teaspoon (5 ml) at a time, to soften it up.
Place the dough in a lightly oiled bowl, cover, and allow to rise until doubled, about 1/2 to 1 hour.
Once doubled, place the dough on a clean, dry work surface. If the dough is too sticky, lightly flour the surface before continuing. With your fingers, flatten the dough into a 9 by 12-inch rectangle. Tightly roll the dough, tucking the ends as needed, into a loaf. Place the shaped dough into a 9×5-inch loaf pan and brush the top with the warmed honey and sprinkle with the oats. Allow loaf to rise in a slightly warm location until doubled, about 1/2 hour. (It's winter so I find my bread rises best in the oven- I turn the oven on 350 for a minute or two, then turn it off. Place loaf on the oven rack with the light on. You can see my set-up in the picture below.)
When dough has doubled, preheat oven to 350 degrees (180 C). (I just leave the dough in the oven while preheating.) Bake for 40 to 50 minutes, until the bread is deep golden brown and the internal temperature is about 190 degrees. Transfer to a wire cooling rack and allow to cool completely before serving.