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The song is called "Momoiro Pixie" by Mimori Suzuko
When I learned that Mimori Suzuko was going to be the Japanese voice of Pinkie Pie, I looked up her roles.  In doing so, I discovered gdgd faeries, which is a cute little series about a bunch of faeries that sit around and chat about weird stuff.  After hearing this ending theme/character song, I decided to ponify it.

My feelings, wrapped in pink,
I want them to reach you along with this melody.
1-2-1, 1-2-1, 1-2-1, wai yeah
1-2-1, 1-2-1, 1-2-1, wai yeah
So that you know I'm the main character,
I always stand in the middle.
But between these yellow and mushroom (muffin) ones,
I'm always swaying between.
I hoped that ordinary girl's talk would bloom from us being together,
but before I realized it, all I ended up doing was polishing my comedy routine.
No matter how cutesy and airheaded I try to act, in the end it's no use.
Since when I get all flustered, I ooze eroticness.
My feelings, wrapped in pink,
I want them to reach you along with this melody.