Melt the white chocolate candy melts in a microwave according to package instructions, then toss in the cereal and coat evenly. Spread out onto a wax paper lined baking sheet to cool. (I spread each cereal piece out individually so they aren't large chunks)
Meanwhile, in the bowl of your stand mixer (or using a hand mixer) beat the cream cheese at medium speed until light and fluffy. Add the thawed cool whip, sweetened condensed milk, vanilla and cinnamon. Beat until thoroughly mixed and smooth. Gently fold in the candy coated cereal pieces and then place the mixture in a freezable container (I like to use a bread loaf pan).
Place in freezer for at least 4 hours or until desired texture is reached. Enjoy!