Tut. Tut. Some folks are frosted because Olympic gold metal winner Michael Phelps has agreed to endorse Kellogg’s (K) Frosted Flakes.

You know, frosted as in sugar; sugar as in baaaaaad.

“I would not consider Frosted Flakes the food of an Olympian,” Rebecca Solomon, a nutritionist at Mount Sinai Medical Center, told the New York Daily News. “I would rather see him promoting Fiber One. I would rather see him promoting oatmeal. I would even rather see him promoting Cheerios.”

She’s missing an obvious point: The food of an Olympian is money.

Phelps, 23, won a record 8 gold medals at the Beijing Games, breaking Mark Spitz’s 1972 record of 7 medals. Phelps says he gobbles 12,000 calories a day and, natch, swims it all off when training. You can bet his deal with Kellogg’s will put a lot more money on his plate.

Terms of the deal weren’t disclosed, but Phelps agreed to have his picture appear on boxes of Frosted Flakes starting in mid-September.

The Virtue Squad is huffy because Frosted Flakes have about 3 times the amount of sugar as Wheaties, a product of General Mills (GIS) and about one-third the fiber. This, critics of the endorsement deal say, raises concerns about childhood obesity. (If it isn’t anorexia, it’s obesity. Isn’t that always the way?)

Sure, sure, it would be great if Phelps had endorsed a granola or plugged all the organic fruits and vegetables at Whole Foods (WFMI), but the kid is cashing in on his fame. Who but a virtuecrat can blame him?

In any case, it’s up to parents to teach their children about nutrition and tell them that, no, they can’t have a box of Frosted Flakes.

Phelps needs to cash in quickly, and apparently knows it. Spitz’s turn as a celebrity was short-lived. Come winter, who will pay attention to a Speedo-clad swimmer?

Hey, pass some of those Jimmy Dean bacon cheese puffs over here - but don’t tell the virtuecrats.