Cut frozen mini waffles into approximately 1" pieces.
Place mini waffle pieces into mixing bowl and spray lightly with canola oil spray. Toss and spray lightly again.
Mix cinnamon and sugar in a small bowl. Add to bowl of waffle pieces and toss or stir to coat waffle pieces in cinnamon sugar.
Spread waffle pieces onto a nonstick baking sheet and bake for 20 minutes in a 450 degree oven. Stir and check every 5 minutes until lightly toasted and crispy.
Place toasted cinnamon waffle pieces into a mixing bowl and combine with M&Ms and peanuts.