Preheat oven to 350 degrees.
Add oats and Cheerios to food processor (or blender) and pulse for 30 seconds to 1 minute, until fully combined and broken up. You don’t need a flour-like consistency, just broken up very small.
In a small, microwave-safe bowl, add butter, applesauce, peanut butter, and honey. Microwave for 60-90 seconds, until butter begins to melt, then whisk together until combined.
In a separate small bowl, add banana, egg, and vanilla extract. Mash banana and mix together well.
Add all dry ingredients to a large mixing bowl – oats and Cheerios mixture, ground flax seeds, baking soda, and salt. Mix dry ingredients well to combine.
Pour all wet ingredients into bowl with dry ingredients. Mix well to combine.
Using a 2-ounce ice cream scoop, drop 12 level scoops onto a lined baking sheet. Then flatten and shape them into cookies. They will not spread while cooking.
Bake for 12 minutes.
Allow to cool and enjoy!