I used to have this as a kid all the time. In fact, I still make it. If you use salted butter or margarine, you don't generally need to add extra salt. About one tablespoon per bowl works. Melt the butter in a separate bowl in the microwave. Generally don't microwave the Cheerio's; they get weird. You can try Kix, as well, for something sweeter.

My mom used to make this as a snack for my brothers as I when we were kids. It was a quick substitute if we were out of popcorn and this was years before anyone heard of Chex Mix. She called it simply "Cooked Cheerios". She used margarine because that's what she always had on hand then sprinkled on a little garlic salt at the end. What a tasty treat and a great childhood memory! Thanks for sharing.