Beat shortening and sugar until creamy. Add molasses and egg; beat until smooth. Combine flour, cereal, cinnamon, ginger, cloves, baking soda and salt. Add to shortening mixture; mix well. Cover; chill 2 hours or overnight.
Preheat oven to 350 degrees. Grease cookie sheet. Let dough stand at room temperature 5-10 minutes. Roll out dough, one third at a time, on well-floured surface to 1/8 inch thickness. Cut into desired shapes with 3 inch cookie cutters. Scraps may be rerolled. Place 1 inch apart on prepared cookie sheet. Bake 7-9 minutes or until very lightly browned on bottom. Let stand 1 minute before removing to racks to cool. Decorate as desired using icing and decors. Store in airtight container.
If using as ornaments, use toothpick to form hole for hanger before baking. Allow to dry for 1-2 days before hanging.