In a large mixing bowl, combine Fiber One cereal and milk. Let it stand for about 2 or 3 minutes or until cereal softens.
In a small mixing bowl, stir together flour, sugar, baking powder and salt. Set aside.
Add egg, oil, vanilla, and mashed banana to milk and cereal mixture. Combine well. Add flour mixture, stirring just until combined. Mix in chocolate chips. Coat a 12 cup muffin pan with cooking spray and divide batter evenly between the cups.
Bake at 400 degrees about 18 to 20 minutes or until lightly browned.