In a large pitcher of bowl, combine the milk and cereal. Carefully weight the cereal down by fitting a bowl or plate on the surface the milk. Let steep for 20 to 30 minutes. When done, strain out the infused milk using a mesh sieve. Gently press down on the cereal with a rubber spatula to release any excess milk. Measure out 1 ½ cups of milk and set aside.
Preheat the oven to 350°F. Grease and flour two, 8-inch cake pans and set aside.
Sift together the dry ingredients and set aside.
In the bowl of an electric mixer fitted with the paddle attachment (or a large bowl using a hand mixer), mix the butter on medium until smooth. Add in the sugar and continue to mix until light and fluffy, 3 to 5 minutes. With the mixer on low, add in the vanilla and the eggs, one at a time. Stop the mixer and scrape down the sides and bottom of the bowl.
With the mixer on low, carefully add in half of the dry ingredients. Stream in the milk and mix until combined. Carefully add in the remaining dry ingredients and mix on medium for no more than 30 seconds after the last streaks of flour are combined.
Evenly distribute the batter between the two pans. Bake in the preheated oven for 3o to 35 minutes, or until a toothpick inserted into the center of the cakes comes out clean. Let the cakes cool on a wire rack for 10 to 20 minutes before removing the cakes from their pans.