I'm all YouTube-happy these days, trying to find obscure puppet animation goodies and compile research. Here's another commercial with some great animation, but not sure who created it. This is all like detective work!
The original poster of this clip says the puppets are from 'Rudolph the Red-Nosed Reindeer' which is very strange. They look nothing like those characters...I mean, I know Rudolph drank lots of beer, what with the red nose and all, but I see no basis for comparison otherwise.