It's Punky Brewster (TV Series)

An animated spinoff from the popular Punky Brewster live action sitcom. In it, Punky is once again a young girl, only this time she meets a magical furry creature that looks vaguely like an Ewok, named Glommer. Glommer is a fairytale creature that lives inside of the end of the rainbow with othes of his kind. He grants wishes, in a fashion, and becomes a good friend to Punky as they both go on adventures, always trying to find a way to get Glommer back home.