Preheat oven to 350°F. Mix flour, cinnamon, baking soda and salt in large bowl; set aside. Beat egg in small bowl; stir in sugar, oil, water and vanilla. Add to flour mixture; stir until well blended. Stir in cereal and nuts.
Drop heaping teaspoonfuls of dough, 2 inches apart, onto greased baking sheets.
Bake 10 min. or until lightly browned. Remove from baking sheets to wire racks. Cool completely. Store in tightly covered container at room temperature. Makes about 2-1/2 doz. or 15 servings, about 2 cookies each.