Line a baking sheet with parchment paper. Divide the ice cream into 8 ice cream balls, ½ cup each. Shape the balls and place them on the baking sheet. Freeze for 30 minutes-1 hour.
While the ice cream is freezing, crush the cereal into small crumbs. Stir in the brown sugar, cinnamon, and nutmeg. Set aside.
Melt the butter in a large skillet over medium-low heat. Once the butter has melted add the crushed cereal mixture. Cook the cereal, stirring often, until it becomes deep brown and toasted, 3-5 minutes. Remove from heat and allow to cool to room temperature. Once it cools, spread the cereal out in a large dish.
Remove the ice cream from the freezer. Place the ice cream balls in the cereal mixture and gently press the cereal mixture all around the ice cream balls to coat. Place the ice cream back on the baking sheet and return to the freezer for another 15 minutes before serving.
Top with whipped cream, chocolate or caramel sauce, and a cherry if desired.
You will need to work quickly when shaping the ice cream into balls. Shape the balls with 2 spoons or between some plastic wrap using your hands to shape. You can also line a muffin tin with plastic wrap and shape the ice cream to the muffin cup.