From Muppet Wiki

McDonald's made a set of three "Holiday Huggable" Muppet Babies plush toys in 1988 that were available for an extra fee with the purchase of a Happy Meal. The animated Muppet Babies characters appeared briefly in the commercial.

The 1998 price guide Fast Food Toys by Gail Pope and Keith Hammond lists the set as "Muppet Babies Christmas Carol".

A second set has appeared on the collectors market. These are dated 1994 and are identified as being manufactored for McDonalds. The three plush which have been found were Baby Kermit, Baby Fozzie, and Baby Gonzo. The Kermit and Fozzie differ from the earlier two plush slightly. Fozzie is manufactured from a much lighter brown fabric, appearing almost faded. He also has a different scarf and earmuffs instead of a hat. Kermit's eyes are slightly smaller then the first version.

Baby Kermit	Baby Piggy	Baby Fozzie	Cartoon Muppet Babies in the commercial
Commercial shot of all three toys	Tray Liner advertising the toys	Baby Gonzo No information is known about this purported second series	Baby Fozzie No information is known about this purported second series

Notes

The Baby Fozzie plush makes an appearance in a Sesame Street film insert about a little girl and her dog, Puck. (EKA: Episode 4102)