"The Legend of Lord Lester" is a story read by Maria on Sesame Street and featuring the Anything Muppets. (EKA: Episode 1201) It's a very simple tale that features words beginning with the letter L galore.
It tells the tale of the titular character (Jim Henson) and his wife, Lady Lulu (Richard Hunt), both of whom love the letter L. One day, they decide to fill the living room of their lofty castle with every L item they have, and they recruit their loyal lackey, Louie (Jerry Nelson), to go and fetch them. These include a lobster, a basket of lemons, a long ladder, and a life preserver, to name only a few. Maria states that the moral of this story is: "it's okay to lose your lid over the letter L, as long as you have a loyal lackey like Louie." At this moment, the exhausted Louie announces that he's leaving his bosses to go and live in a lighthouse, and Maria adds "so don't push your luck."