Kitty's Rocking Horse or "Kitty and Playful Pony" (キティとおちゃめなポニ) is an animated Hello Kitty toy that appears to be from the 80s.
Hello Kitty wears a red dress with a yellow bow, and she wears a red bow where her left ear is. She sits ona a plastic rocking horse that's mostly yellow with black eyes. The rocking horse has red reins, which Kitty holds.
An alternative version of the toy wears a blue dress with a yellow bow, but the one pictured on the box wears a blue dress with a red bow.
As the pony rocks back and forth, Hello Kitty's arms move up and down while holding the reins.