Heat oven to 350°F. Line 9-inch square pan with heavy-duty foil. Spray foil with cooking spray.
In food processor or blender, place cereal. Cover; process until cereal is finely crushed. In medium bowl, mix crushed cereal with melted butter. Press in bottom of pan.
Pour condensed milk over crumb mixture. Top evenly with white vanilla baking chips, dried cranberries and pecans.
Bake 28 to 33 minutes or until top is golden brown. Cool completely, about 1 1/2 hours. For bars, cut into 4 rows by 4 rows.