Cover illustration for American Weekly, December 19, 1948; J.C. Leyendecker
Link is to Heritage Auctions sold lots. Accessing the full high-res image requires a free account, but there is a somewhat smaller version on Tumblr here.
At first I thought that this was Leyendecker’s take on the popular song, “I Saw Mommy Kissing Santa Claus”, but the illustration was published in 1948, and the song was apparently first recorded and released in 1952.
Whether the magazine cover influenced the writing of the song is difficult to say, but it seems to me a likely scenario.
This feels like it was quickly realized by the standard of many of Leyendecker’s other illustrations, but is still shows his superb draftsmanship, and characteristic stylized fabric folds and rendering of hair.