Preheat oven to 350 and grease two baking sheets. In a mixer or by hand cream the butter and sugar until light and fluffy. Beat in the egg and vanilla. Sift flour, baking soda and salt in another bowl and fold into creamed mixture.
Add the cereal and chocolate chips. Stir to mix thoroughly.
Drop spoonfuls of the dough 1-2 inches apart on the prepared sheets. Bake for 10-12 minutes, until golden. Remove from oven and transfer to wire rack to cool.