Combine flours, cereal, sugar, undissolved yeast and salt in a large bowl. Stir in milk, butter and egg until well blended. Cover; let rise in a warm draft-free place for 1 hour until doubled. OR, cover, and refrigerate up to 10 hours (overnight).
Stir down batter. Pour about 1/4 cup batter per pancake onto a hot, lightly oiled griddle or skillet. Spread to abou 4-inch circle. Cook until edges of pancakes appear dry and small bubbles form on surface. Turn; cook on other side until golden brown.