Preheat oven to 375º. Grease a baking sheet.
In a large bowl, cream butter and sugars until fluffy. Add egg and vanilla; beat until smooth. Sift flour, baking soda, and salt into a small bowl. Stir in cereal. Add dry ingredients to creamed mixture; stir until a soft dough is formed. Fold in chips. Drop by heaping teaspoonfuls 2” apart onto prepared pan. Bake 8-10 min or until edges are brown. Transfer to a wire rack to cool completely. Store in an airtight container.