1987: Party Ponies
Yellow pegasus pony with yellow mane and tail, blue and pink butterflies across haunches and back, one pink butterfly on nose.
Dancing Butterflies is a touch confusing (as well as a mouthful and a half to say or spell when you're six years old!) My own childhood pony came with (and still has) curly hair. However, the Dancing Butterflies given to me by my childhood friend (pictured, as she is in better condition) has rod straight, silky hair, which has never been curly. (I can be sure of that, because I played with her as a child with my friend for many years - and my friend's ponies were always immaculate).
It seems, therefore, that she can be sold with or without curly hair!
Dancing Butterflies' story character was, logically, linked with butterflies. She spoke to them and flew with them...as I suppose a butterfly-mad pegasus pony is wont to do!