Put the flakes in a large bowl and sprinkle with a little salt and the nutmeg. In a small bowl, stir the honey into the butter and blend well. Pour the honey syrup over the flakes and toss until they are well coated.

Spread the mixture on foil in a single layer on a baking sheet. Bake in a preheated 300°F oven for about 20 to 30 minutes, or until the flakes begin to look golden, turning the cereal every 10 minutes with a spoon or a spatula. Be careful not to overbake. The flakes will seem a little sticky when done, but they will crisp as they cool. Stir in the walnuts after baking. Store the granola in plastic bags or an airtight container. Use within a month or store in the freezer.