Pour the milk in a sauce pot and set over medium heat. Add the sugar and stir. Once the milk dissolves, remove from heat.
Add the cereal to the milk and stir. Allow the cereal to soak in the milk for 10-15 minutes to infuse its flavor.
Pulse the milk once or twice with an immersion blender to break up some of the cereal. (You can also do this in a standard blender.)
Pour the mixture into popsicle molds and freeze until solid. To release the popsicles from the molds, run the bottoms of the molds under warm water for 30 seconds, then pull the popsicles straight out.