I've always thought this was a great concept for one of the younger Pegasus characters. Good character development. And a somewhat unexpected movement -- although I've seen horses scratch behind their ears in exactly the same way. Nice inclusion of the stream and willows...
My notes indicated that he was called "Peter," but I wasn't sure. I did a quick search and found this interesting link:
Peter was retroactively named after his popularity grew from the release of "Fantasia." As such, several Peter Pegasus shorts were planned and went into pre-production in the early 1940s, including one titled "Peter Pegasus" as a segment to "Invitation to Dance" which would have also brought back the dancing mushrooms from the "Nutcracker" segment of "Fantasia." The basic plot involved a series of misadventures after sneaking out of his nest, including following a family of ducks a la "The Ugly Duckling," and accidentally disturbing an angry bee. It never progressed beyond the storyboard. As they say, "If wishes were horses..." (sigh). Recently, another "Baby Pegasus" was introduced in the film "Hercules" (June 27, 1997) as the Hero's childhood playmate who grows up to become his faithful companion. This one was formed from the clouds by Zeus, and is not known for his intelligence, but loyalty certainly counts. The only occasions I can think of where Disney used a winged horse was in "Donald Duck" #27 (Jan. 1953) in a tale called "The Flying Horse," where Donald, $crooge and the Nephews encounter a mechanical one. An inventor trades Donald the metal horse for Uncle $crooge's helicopter and later reneges. Another time was in the time travel tale in "Uncle Scrooge" #75 (June 1968), where Gyro, Uncle $crooge, and Huey, Dewey & Louie tavel to ancient Greece during "The Battle of Marathon" (hence the title of the story) and an ancient inventor has likewise created a mechanical winged horse which carries them all from the battlefied to safety, before they return to the present. And finally the "real" Pegasus appeared in "Super Goof #34 (June 1975) in "The Golden Apple-Picker" when the evil Emil Eagle tests his Fantasy-Fact Fixer gizmo which transports him, Clarabelle, Super Goof and Pegasus (who had followed him from a previous attempt), through a portal to the Garden of Hesperides of ancient Greek myth.
Pencil Concept (click to enlarge)
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Graphite concept sketch of Peter Pegasus during the Pastoral Symphony sequence from “Fantasia” (1940). [12Wx9.5H]