Line cookie sheet with foil or waxed paper. Place cereal in large bowl.
In small microwavable bowl, microwave white vanilla baking chips uncovered on High about 1 minute 30 seconds, stirring every 30 seconds, until chips can be stirred smooth. Stir in half the crushed peppermint candy.
Pour over cereal mixture; toss to evenly coat. Spread mixture in single layer on cookie sheet. Immediately sprinkle with remaining candy. Let stand until set, about 20 minutes. Gently break up coated cereal. Store in airtight container.