On the Disney UK website, their is some information on the upcoming Holiday Party 2012!
Give & Transform!
From December 20 the Holiday Party’s on in Club Penguin and giving changes everything. When players head to the Bakery and buy cookies to support Coins For Change, they can transform into reindeer puffles and road racers. Members can change into icy penguin Frost Bites and freeze the world around them. There are tons of presents for everyone – and when members log in between December 25 and January 1, they’ll get the ultimate holiday gift!
Can’t wait for the Holiday Party to arrive! It’s going to be a blast. . . of snow