Heat griddle or 12-inch skillet over medium-low heat or to 325°F; grease if necessary.
Crush cereal. In large bowl, stir together cereal and remaining ingredients except syrup just until moistened.
Pour batter by generous 1/4 cupfuls onto hot griddle. Cook about 2 minutes or until bubbles begin to break on the surface. Turn pancakes and cook until golden brown, about 2 minutes longer. Serve with syrup.