A CHRISTMAS FANTASY (1950)

 Two little kids fall asleep and then a creepy Santa, who kinda resembles Leatherface, shows up in this holiday short that's mercifully only a little over 5 minutes long. This really plays more like a holiday music video than a proper movie of any sort. I first encountered this with the Rifftrax fellows goofing on it which is probably the optimal way to view it. A good one to add to your weirdo Christmas playlist. 

 There's both black and white and color versions floating around.