Melt the butter in a microwave-safe dish; set aside to slightly cool.
Whisk the crushed cereal, flour, sugar, baking powder, cinnamon, and salt together in a large mixing bowl.
Warm the milk in a medium microwave-safe mixing bowl in the microwave until lukewarm, not hot (about 60 seconds).
Whisk the milk, melted butter, egg, and vanilla together.
Make a well in the center of the flour mixture. Pour the milk mixture into the well and gently whisk just until no clumps of flour remain.
Allow the batter to rest for 5-10 minutes.
Heat a large nonstick skillet (or griddle) over medium heat.
Add the batter ¼ cup at a time, and gently spread it into a 4-inch circle using your spatula or the back of the measuring cup.
When edges are set and a few bubbles pop on surfaces of the pancake, flip over, about 2 minutes.
Cook the other side for 1 to 2 additional minutes, until lightly browned and cooked in the middle.
Optional: Brush the tops of the warm pancakes with softened butter and sprinkle with cinnamon and sugar topping.
Serve warm with your choice of berries, cream, syrup and/or crushed cereal.