I have never seen this before!
It looks like a miniature version of the Lullabye Nursery you are right even the safety-pin top but with a big Baby Firefly portrait or something...is it like a little box or something since the bottle opens? She looks kind of curious with that black eyebrow. How big is it? It looks very tiny. What a cool find though! But sorry to just be a spectator that couldn't help.
It looks vaguely familiar - I think I've seen a picture of one before. I found a couple of old threads referencing a mini nursery that was a candy dispenser. The pictures are gone but the descriptions fit: http://mlparena.com/index.php/topic,331416.msg783331.html#msg783331 (http://mlparena.com/index.php/topic,331416.msg783331.html#msg783331)
http://mlparena.com/archive/Forums/viewtopic/t=121354/ (http://mlparena.com/archive/Forums/viewtopic/t=121354/)
I *believe* it's a gumball dispenser. Plastic candy dispensers were very popular in the 80s. I never saw this one in stores unfortunately, but I believe the general consensus is that this is a gumball dispenser. I have one. You see them from time to time on ebay. Not common, but they're out there. You see them most frequently in accessory lots.