Heat oil in a pan and temper with mustard seeds. After it stops spluttering, add the urad dal and asafoetida. Saute till the dal changes colour.
Add the sliced celery and chopped fresh red chilies. Saute till light brown. Now add the oats and continue to fry till it changes colour slightly.
Add the salt, turmeric powder, roasted peanuts and 1 1/2 cups water. Mix well and simmer on low flame till the water dries up and you get a porridge like consistency. Serve, garnished with celery, roasted peanuts and chopped chilies.