This story is a sequel to [ONE SHOT] Fluttershy and Rainbow Dash save Christmas
Twilight Sparkle was looking forward to spending her first Christmas as ruler of Equestria relaxing. But her plans change when the former ruler of Equestria Princess Celestia bursts into her palace with a magical sack of toys and a mission for which the fate of all of Equestria hangs in the balance.
CONTAINS: anthros, skimpy outfits, embarrassing moments, exposed panties Slight Twilight & Celestia shipping, and spoilers for the truth about Santa Clause.
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This story was inspired by the above artwork, you can find it as 2228440 on derpibooru.org
I do not own the art work, and I did not ask permission to use it.
It is by an artist called Fidzfox