This is probably from the 1970s--it has some real little kids talking:

Kid 1: What's dis?

Kid 2: Some ceweal (cereal.)

Kid 1: Twy (try) it.

Kid 2: I'm not gonna twy it.

Kid 1: Let's get Mikey. He'll twy anything.

Does anyone remember what cereal this was for? I'd look it up, but I just want to see if anyone remembers it.

Life cereal is the name of the product.