Green’s Dictionary of Slang

(N.Z.) a cocktail sausage, like a frankfurter, as served with drinks.

1953		N.Z. Observer 11 Feb. 14: I’ll get tomatoes and ham and cheerios... The cheerios went on, and the making of sandwiches, coffee and cocktails began [DNZE].
1963		M. Duckworth Barbarous Tongue 170: ‘It must be a party.’ [...] Peanuts and chippies and cheerios and cheese.
1988		McGill Dict. of Kiwi Sl. 26/2: cheerio cocktail sausage.
1991		More (Auckland) Mar. 66: I felt there should have been cheerios and tomato sauce, meat pies [...] pavlovas, lamingtons, sausage rolls – and thick cups of steaming tea [DNZE].
2003		McGill Reed Dict. of N.Z. Sl. [as cit. 1988].