This is Little Maddie, a Cthulhu-themed My Little Pony that was designed by Bigshot Toyworks for a project called “Friendship is Maddness,” which is a series of animation shorts and toys being created. I'm sure some hardcore bronies (Male My Little Pony fans) will love this. It makes me wonder how many of these fans have actually heard of this creature before.
For those of you not familiar with this creature, it's a cosmic entity that was created by H.P. Lovecraft for a short story called The Call of Cthulhu, which was published in 1928.