This is the fakie version of the Cabbage Patch Kids (CPK) Crimp n’ Curl Ponies (design was used in smaller form on Magic Meadow Ponies). I have found them with or without rooted eyelashes. The saddle is a permanent part of the body. Check for variants on saddle paint; hearts may be painted or unpainted.
Note that DOLGENCORP also copied the jumbo CPK mold, but it is slightly smaller than the Gi-Go (about 9.5″).
This is a flocked version (used to be in my collection but has since been re-homed):