With a bit of creativity you can make cookies of any character you like. My daughter loves My Little Pony so I copied several designs, one with wings and one without.
I cut the picture out, placed it on the unbaked cookie dough and then cut around it and baked it as usual. This is how the cookies came out of the oven.
Then I outlined the main areas in edible marker so the children have a guide for icing. 
The hardest part about making the cookie look like a My Little Pony is the eye. As you can see on all of my cookie designs, I’m no artist!! If I can make the cookie look like a pony, so can any child over the age of about 4 or 5. A younger child will still have fun, but the older the child; the more realistic the pony will look.
Winged Ponies - Rainbow Dash
Fluttershy
Unicorns and Earth Ponies
I followed the same process for the other ponies.
Rarity
Pinkie Pie
With these templates your child can create their favorite pony even if it’s not shown above. They can even let their creativity run wild and create a pony from their own imagination.
For older children they can make the Equestria Girl to match their four legged pony. These are much harder to make look good, but still a lot of fun. By printing the faces they look like Equestria girls, even if their clothes aren’t perfect.
Rainbow Dash
Fluttershy
Rarity
Pinky Pie
Every Pony needs a cupcake with their ‘cutie mark’ made from icing!
Rainbow Dash
Fluttershy
Pinkie Pie
Rarity
Or they can just make a Royal cupcake with a crown or star of their own design topping it.
