Remove cover from yogurt; stir well with spoon. Recover, and place in freezer, stirring every 15 minutes until consistency of soft serve, 30 to 45 minutes. Meanwhile, reserve 1/4 cup cereal; set aside. Coarsely crush remaining cereal; place in small bowl.
Stir reserved 1/4 cup cereal into frozen yogurt, forming a ball. With spoon, remove yogurt ball, and place in bowl with coarsely crushed cereal. Roll ball around in crumbs, or spoon crumbs over ball until completely covered with crumbs.
Place on serving plate. Drizzle with caramel topping. Serve immediately.