Pour the full fat milk and sweetened condensed milk into a large bowl. Stir to combine.
Add 1 ½ cups of the cinnamon waffle cereal to the milk and stir. Leave to steep for 15 minutes, then sieve out the cereal over a bowl. Discard the cereal and keep the milk.
Divide the remaining cinnamon waffle cereal between the popsicle molds (reserve a small handful). Pour over the reserved milk, top with the remaining cereal and add the popsicle sticks. Place in the freezer for at least 5 hours until frozen.