Preheat oven to 400°F. Combine cereal and milk in bowl; let stand 5 minutes. Add raisins, honey, oil and egg; stir well.
In separate bowl, combine flour, baking powder, cinnamon and salt. Add flour mixture to cereal mixture, stirring just until moist. Add walnuts and stir until just combined.
Spoon batter into muffin cups coated with vegetable cooking spray, filling two-thirds full. Bake 12 to 15 minutes or until muffins spring back when touched lightly in center.
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