What is this?

[Wardah]

https://www.instagram.com/p/BCkzgniMEuZ/

I know what the two bigger ones are but I have never seen a pony like the smallest one. It seems to have a key chain loop. Does anyone know anything about it?

[Baby Crumpet]

during the G2 era there were G1 style keychains made in Japan (?), could it be one of those?

[mskittylovesrobin]

during the G2 era there were G1 style keychains made in Japan (?), could it be one of those?

I think you're right it is the Keyring cause you can see the holder on the top and it looks like the ones I've seen on file photos

[Gusty]

Yes it is a keyring pony made in Japan. You can read about it here: 
http://mylittlewiki.org/wiki/Sugarberry

[Wardah]

Oh wow. It looks like these are one of those rare and HTF items tho so I doubt I will ever have one.

[Sweet_Stuff]

How cute!! 

[Leave a Whisper]

Oh! That is so precious!

[hathorcat]

They do pop up on ebay with reasonble regularity (especially recently). They can be pricey but hopefully you will manage to track one down eventually.