Place cereal in shallow dish. In another shallow dish combine egg, milk and vanilla.
Quickly dip bread into egg mixture, coating both sides. Roll in cereal, coating on both sides. Place in single layer on foil-lined baking sheet generously coated with cooking spray. Bake at 450° F oven for 7 minutes. Turn bread. Bake at 450° F about 5 minutes more or until crisp and golden brown.
Meanwhile, in small saucepan bring applesauce and 1 cup of the strawberries to boiling. Reduce heat. Simmer, uncovered, for 3 to 5 minutes or until berries are soft. Use potato masher to mash strawberries. Stir in remaining 2 cups strawberries. Heat through.
To serve, place one slice of bread on each serving plate. Top with strawberry mixture. Sprinkle with cinnamon (if desired).