PREHEAT oven to 400°F. Mix flour, baking powder and salt in large bowl. Mix cereal and milk in medium bowl; let stand 3 minutes. Stir in egg, applesauce, sugar and margarine. Add to flour mixture; stir just until moistened. (Batter will be lumpy.)
SPOON batter into muffin pan sprayed with cooking spray, filling each cup 2/3 full.
BAKE 20 minutes or until golden brown. Serve warm.