Line a cookie sheet or large plastic container with parchment paper or plastic wrap, set aside.
In a medium bowl, stir together the coconut oil, peanut butter, cinnamon, and water until combined. Slowly add the oats, 1/4 cup at a time, until completely mixed in. Roll mixture into appropriate size treats for your pet. Set the treats in the container so that they are not touching.
Refrigerate for 3 hours before serving to your pets. Store in refrigerator in an air tight container.