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Escape from Catrina
We start off with a short intro that includes (for whatever reason as the other special didn't have it) a voice reading the movie's title and the names of the two people starring in the film. After that, we get a different My Little Pony tune and we see ponies playing and getting an event set up.
However, Sundance ends up on the recieving end of a ball and accidentally tears down a sign for a party. Even though she was just trying to get the ball, she gets scolded and pushes the ball down the hill where a baby pony ends up intercepting it and falls into the river, revealed as Baby Moondancer. The sea ponies help her out and play resumes until the ball ends up rolling into a cave the ponies have never seen before.

Regardless, they opt not to go in and figures that's the last time they'll see that ball but we get to see it roll deeper into the cave where a factory of sorts is taking place. The Bushwoolies are making things run and a dinosaur-like creature ends up with the ball and kicks it into a puddle of water before obtaining some kind of green slime to be handed to Catrina. The Bushwoolie obeys and delivers the bowl to Catrina, whom we get to see is somewhat literally cat-like.
Just when Catrina is pleased, the Bushwoolie trips and spills nearly all of the potion. Catrina devours what little is left and orders the Bushwoolie to get more. The Bushwoolie rolls back to the factory and reports what happened but all the Bushwoolies are tired of working and want to escape. Catrina overhears and threatens to put the Bushwoolie in a pot of something similar to the potion. The dinosaur being asks for just a loss of a privledge but they're Catrina's slaves and thus have no privledges. (Just goes to show how dark G1 MLP was.)

Catrina tosses the Bushwoolie into the pot but their dinosaur friend becomes a bird and rescues it. She wants more potion and throws the dinosaur aside for betrying her. The Bushwoolies don't want to know Catrina better but while they argue, a new sign for Megan's return is added to Dream Castle and they must hurry for Megan is sure to arrive shortly. Baby Sundance wants to help with the balloons and when told she can get the string, she accidentally releases the tent of balloons. Worse still, Spike and another pony get paint on themselves.
Megan arrives and as guest of honor the baby ponies give her the Rainbow of Light before introducing themselves. (Much like Rescue from Midnight Castle, Megan doesn't really resemble her other self in My Little Pony: The Movie or the TV series.) The ponies have nothing to do but must take a nap if they are to stay up for the ball that night. With that, the baby ponies head inside the nursery but aren't happy about it.  Megan agrees to take care of them and since they don't want to sleep, Megan sings a song about just that.
The ponies play but before long are tuckered out and end up in their cribs. Megan sings the rest of the song and tucks them in before turning out the light and leaving the room. Meanwhile, Catrina is also asleep so the Bushwoolies plan their escape. However their dinosaur friend keeps trying to keep them working for Catrina but the one Bushwoolie denies every suggestion and after turning off the potion machine, they roll out of the room.
Catrina awakens and after learning what happened, she tosses the dinosaur friend, revealed as (what I think is) Reb, aside. They use Catrina's elevator and get outside but are unable to capture any Bushwoolies. Seeing the ponies playing, Catrina decides to make them her new slaves. Reb has found how cold Catrina has gotten but it's an idea Catrina likes and takes another sip of her potion before starting a snowstorm. The ponies are buried up to their necks in snow but one of them escapes to get Megan and the Rainbow of Light.
In response, Catrina buries the three ponies into a snowball but Megan arrives and counters with the Rainbow of Light. Try as she might, Catrina cannot strike the Rainbow with her powers and it clears the skies and melts the snow before retreating into the locket. Catrina still wants the ponies and refuses to remeber the good old days she had with Reb but Reb remembers all too well and sings a song as we get a trip down memory lane. By the time the song is over, Catrina is out of her potion, exactly what Reb wanted.
Meanwhile, Megan marvels over Dream Castle and learns why Sundance isn't allowed to help. It's too much for Sundance and she heads away to cry as the sunset takes shape. Megan comforts her and tries to assure that some cannot do what she can do. Using an experiment, Megan walks to an apple tree and shows that she can't reach it. Sundance gets it for her and lands without crashing. She's special not lucky and Sundance cheers up a bit. Feeling much better, Sundance offers to take Megan back to the party with her speed and Megan agrees.
They arrive and tell the baby ponies wanting to see that it's time for the party. However, Baby Moondancer has no costume so as Reb watches from the window, Megan creates a princess costume for Baby Moondancer to her delight. Outside, Reb becomes a nurse pony and asks Baby Moondancer to show the locket but Baby Moondancer refuses, even after Reb reverts to normal. Catrina arrives to take it herself but Baby Moondancer bites her finger so Catrina decides to take BM with the locket. Reb becomes a dragon but cannot properfly fly under the combined weight he's forced to carry.
Megan hears Baby Moondancer's cries for help but Reb manages to take flight just before she can catch up. That night, Megan has begun a search and encounters the Bushwoolies for the first time. The Bushwoolies hope they aren't looking for Catrina but Megan and her group are doing just that so the Bushwoolies show them the way in. Catrina needs more slaves but the group refuses, even given the trade-offs Catrina offers. Catrina threatens to put Baby Moondancer into the pot but Reb snatches BM away.
Catrina gets angry and sends Reb into the crates so Reb becomes a bull and attacks right back. As a result, Catrina is barely clinging onto the edge while the Rainbow of Light and Baby Moondancer are saved. As Catrina slips, she tells the group she can change but they aren't really willing to accept that unless the potion machine is destroyed. Nearing the brink of her own pot, Catrina agrees but needs a drop of potion first.
Reb gets it and Catrina expands to a size large enough wheere she finally destroys it. However, she shrinks back down and still needs a way out. They let her out before showcasing each of their costumes at the party with a song from the sea ponies. Even Catrina, Reb and the Bushwoolies take part before Megan gives Sundance another loving hug.