Combine flours, cereal, brown sugar, undissolved yeast, salt and cinnamon in a large bowl. Stir in milk, oil, egg and vanilla until well blended. Mix in carrots, raisins and walnuts. Cover; let rise in a warm draft-free place for 1 hour until doubled. OR, cover, and refrigerate up to 24 hours.
Stir down batter. Pour about 1/4 cup batter per pancake onto a hot, lightly oiled griddle or skillet. Cook until edges of pancakes appear dry and small bubbles form on surface. Turn; cook on other side until golden brown.