In a nonmetal bowl combine oats, cherries, tangerine peel, cinnamon, salt, and nutmeg. Stir in milk; cover and chill for 8 to 24 hours.
To serve, transfer oatmeal mixture to a medium saucepan. Heat just to boiling; reduce heat. Simmer, uncovered, for 5 minutes or until oatmeal is done, stirring occasionally. Remove from heat. Stir in butter until melted. If desired, add additional milk to make desired consistency. Spoon into 4 bowls; sprinkle with sugar and nuts. Serve with additional milk, if desired. Makes 4 servings.