Heat oven to 400 degrees F. Grease bottoms only of 12 regular-size muffin cups with shortening or cooking spray, or use paper baking cups. Place cereal in resealable food-storage plastic bag; seal bag and crush with rolling pin or meat mallet (or crush in food processor).
In medium bowl, beat egg, milk and oil with fork or wire whisk until well mixed. Beat in bananas. Stir in crushed cereal; let stand 5 minutes.
Stir in remaining ingredients except cranberries until blended. Stir in cranberries. Divide batter evenly among muffin cups.
Bake 20 to 25 minutes or until light golden brown. Immediately remove from pan to cooling rack. Serve warm.