In small bowl, combine oil, egg, and milk; set aside.
Cook the bacon, cool, crumble, set aside.
In large bowl, combine flour, sugar and baking powder. Make a well in the center. Add egg mixture all at once to flour mixture, stirring just until moistened.
Batter should be a little lumpy. Fold in bacon, cheese and cereal.
Fill 2/3 full into greased muffin cups.
Bake for 15-20 minutes or until golden brown. Makes 12 regular muffins.