Bring water, butter and salt to boil in medium saucepan on medium-high heat. Stir in flour. Reduce heat to low; cook 1 min. or until mixture forms a ball, stirring constantly with wooden spoon. Remove from heat; stir in cereal and pecans until well blended. Place in medium bowl. Add eggs, one at a time, beating with electric mixer on medium speed after each addition until well blended.
Heat oil in medium skillet to 350ºF. Spoon cereal mixture into heavy-weight pastry bag fitted with large star tip. (Or spoon into a cake decorator’s tube fitted with star tip.) Carefully squeeze three or four 3-inch-long strips of dough into hot oil. Cook 2 to 3 min. or until golden brown on both sides, turning after 1 min. Drain on paper towels. Repeat with remaining dough.
Roll in cinnamon sugar while still hot. Serve warm.