In a large bowl, mix the whole milk with 1 cup of fruity cereal. Let the mixture sit for 15–30 minutes, stirring occasionally so the milk absorbs the cereal flavor.
Microwave the cream cheese for 10 seconds. Then add the sugar and vanilla extract, mixing with a whisk or spatula until you get a frosting-like texture. This should take about 60 seconds.
After 15–30 minutes, strain the milk mixture through a sieve into the cream cheese mixture. Press the cereal with a spoon to extract as much milk as possible, then discard the cereal. Add the cream and mix well.
Transfer the mixture to the container without overfilling it. Place the storage lid on and freeze for 24 hours or until the desired consistency is reached.