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To a gallon ziploc bag, add shrimp and oil. Seal the bag and rub and oil and glaze evenly over the shrimp until well coated. Place bag on counter and allow shrimp to marinade for 1 hour.
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Add milk and water to a large pot, and bring to a boil over medium-high heat, stirring often. Once liquid is boiling, slowly add the polenta - whisking constantly. Reduce heat to low and cover the pot.
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Cook polenta for 20 to 25 minutes, stirring every 5 minutes to prevent lumps and sticking.
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Remove polenta from the heat, and stir in the pepper and butter. Whisk in butter until melted. Add cheese and whisk polenta until the cheese is melted and completely incorporated.
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While polenta is cooking,heat a large skillet over medium-high heat. Pour contents of ziploc bag into skillet, and cook for 2 to 3 minutes. Turn shrimp over and cook for 3 to 4 minutes more, until shrimp are pink all the way through.
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Spoon polenta into a shallow bowl, and spoon the shrimp into the middle of the polenta. Garnish with a fresh parsley sprig if desired.