Process the Cinnamon Toast Crunch cereal in the food processor on high speed until crumbly. Add the butter and process again until small clumps form.
Lightly grease the springform pan with butter or cooking spray. Press the crumbled cereal mixture into the bottom of the pan. Set in the freezer while making the filling.
In a large bowl, combine the softened cream cheese, sweetened condensed milk and vanilla extract. Blend on low speed until completely smooth using a handheld mixer, about 3 minutes. Fold in the Cool Whip using a spatula.
In a small bowl, stir together the cinnamon and granulated sugar. Evenly sprinkle half of the cinnamon sugar mixture on top of the cream cheese layer.
Add half of the cream cheese filling on top of the chilled crust. Smooth with a spatula.
In a small bowl, stir together the cinnamon and granulated sugar. Evenly sprinkle half of the cinnamon sugar mixture on top of the cream cheese layer.
Pour the rest of the cream cheese filling on top of the cinnamon sugar layer and spread out evenly. Sprinkle the remaining cinnamon sugar on top. Set in the freezer for at least 3 hours.
Once firm, remove from the freezer, add whipped cream swirls around the edges and arrange one more cup of Cinnamon Toast Crunch on top of the cheesecake around the whipped cream.
Let thaw at room temperature, serve, and enjoy!
Notes
Storing: Store in the fridge for the first day. Beyond that, slice and wrap each piece in plastic wrap then place in a freezer safe storage container and keep in the freezer for up to 3 months. In the fridge, the cereal will get soggy after 1 day but it should stay crunchy when frozen. Thaw at room temperature or in the fridge before serving.