A very odd Mickey and Oswald drawing!
Based on two films by Kenneth Anger, "Rabbit's Moon" and "Mouse Heaven"
Oswald is dressed as Peirrot from "Rabbit's Moon" and Mickey has turned into a Charlotte Clark Mickey doll (one of the first pieces of licensed Disney merchandise made)
Also, a fun fact for you so-called "animation trivia buffs", if you didn't know it already, Charlotte's teenage nephew, Bob Clampett helped her design the doll.
If you want to see the original films[link][link]