Place metal bowl and hand mixer whisks in freezer while making the "cereal milk".
Get two bowls and place 1/2 cup of cereal in each. Pour heavy cream over cereal in first bowl. Let sit until soggy about 5 minutes. Strain cereal into the second bowl with fine mesh colander and with a spatula or the back of a spoon, push out as much of the liquid as possible. Place soggy cereal back into first bowl. Repeat the first step, get the second bowl of cereal soggy for about 5 minutes. Strain this again back into the first bowl. Let sit another 5 minutes, strain into second bowl and let sit 5 minutes. (adding the cream a second time to the soggy cereal makes sure all the flavors can be absorbed without the cereal soaking up too much of the cream) Take out metal bowl and finally strain the last of the soggy cereal through the fine mesh colander. Discard soggy cereal.
With hand mixer, beat on medium speed until cream forms soft peaks about 3-5 minutes. Add in the condensed milk and mix until combined. Fold in the remaining 1/4 Cup cereal. Place in metal pan of your choice and freeze. This should take at least 6 hours.
Serve and enjoy, top with additional cereal if desired.