Noble Heart horse, founder of the Care Bears Cousins. Drewn on Rifco Skeppo 16" balloon, pose and pajamas taken from The Care Bears Movie II: A New Generation.
This may look pretty different to the Nelvana version since I used as reference the Noble Heart version you can see on the "Care Bears" Marvel Comics magazine, issue number 5: "The very first Care Bear", that acts like a prequel to the Care Bears Movie II: