Stir together flour, sugar, baking powder and salt. Set aside.
In large mixing bowl, combine corn flakes cereal and milk. Let stand 2 minutes or until cereal softens. Add egg and oil. Beat well. Add flour mixture, stirring only until combined. Portion evenly into twelve 2 1/2-inch muffin-pan cups coated with cooking spray.
Make a deep indentation in top of batter of each muffin. Fill each with level teaspoon of preserves.
Bake at 400° F about 18 minutes or until golden brown. Serve warm with soft cream cheese.