This is a 1936 Coca-Cola ad with the classic Santa Claus in red-and-white fur, engaging in his usual Christmas Eve mischief, fuelled by that "refreshing" beverage in the distinctive glass bottle.
Nothing odd here. Just St Nick with toys around the Christmas tree, enjoying a Coke! I'm not sure if the jolly old elf is telling us "Me too!" in response to the implied question, "Do you like Coke?", or if the dolly is saying "Me too!" suggesting that she also wants a Coke. At any rate, innocent holyday frivolity. That is, unless you have watched too many giant monster movies. If you have, you know that this scene can't end well:
Horrifyingly, not only is the BabyDoll on a rampage, but someone is about to push the giant duck onto the tracks, so that even if they outrun Betsy-Wetsy, they're still gonna crash!
So, with that image in mind, I wish you a very Merry Christmas, and to all a good night, with visions of killer sugar plums dancing menacingly in your heads! Muh-hahaha!