This is the Balloon Dog Light available from Firebox (plus maybe other places -- searching for the best deal is 2/3 the fun of internet shopping!). It looks like the balloon dog a clown might twist at a kid's birthday party. Do kids even have clowns at their birthday parties anymore? I'm out of touch. The balloon dog is actually made out of soft silicone rubber, takes two AA batteries, and is operated by squeezing the front paw. I also heard through the grapevine that it can double as a sex toy in a pinch. Just kidding, there was no grapevine, that's just my personal opinion (start with the tail).
Keep going for a couple closeups.
Thanks to Matt W, who still sleeps with a nightlight on because monsters. That is valid.