In a large mixing bowl, stir together cereal, sugar, flours, baking soda, Lite Salt, and nutmeg. Add egg substitute, oil, water, and buttermilk. Mix just until dry ingredients are moistened. Put in a container with a tight lid and store in the refrigerator; remove batter and bake as needed.
Preheat oven to 375°. Spoon batter into muffin tins that have been lined with papers or sprayed with nonstick cooking spray. Bake 25 to 30 minutes or until a wooden pick inserted in the center comes out clean.