Combine cereal and milk; let stand for 2 minutes. Add the egg and the oil. Mix well. Combine the dry ingredients and mix with the first mixture. Fold in the raisins. Spoon into greased and floured medium-sized muffin cups. Fill each about 2/3 full.
Combine softened cream cheese, sugar and egg; mix until well blended. Drop rounded tablespoons of the cream cheese mixture onto batter in each cup. Bake at 375 degrees for 25 minutes.