Preheat oven to 350°.
Combine first 5 ingredients in a large bowl. Make a well in center of mixture, and set aside. Combine milk and next 3 ingredients, stirring well. Stir in cereal; let stand 5 minutes.
Place carrot and water in a small saucepan. Cover and bring to a boil; reduce heat, and cook 1 to 2 minutes or until carrot is tender. Drain and set aside.
Add cereal mixture to flour mixture; add carrot, and stir just until dry ingredients are moistened. Spoon batter evenly into 18 muffin cups coated with cooking spray, filling two-thirds full. Bake at 350° for 20 to 22 minutes or until golden. Remove muffins from pans immediately, and cool on wire racks.