This episode is a word-for-word remake of the Season 1 Xmas episode. It didn't really matter back in the day since the B&W episodes were never part of the original syndication package and did not begin to resurface until the late 1990s. The color version seems more festive, so I would recommend it over the Season 1 version (even though none of the Bille-Jo replacements could come close to Jeannine Riley's portrayal).
This one wisely adds an opening scene at the Shady Rest that shows Steve and Betty-Jo decorating and singing carols together - they sound lovely in that 1960s Perry Como/Andy Williams way. (In the older version we didn't see the Shady Rest til halfway through).
We cut to Drucker's store where this time it is Bobbie Jo and Eb from GREEN ACRES who perform the mistletoe bit where he walks into a display of canned goods after being smooched.
The funniest parts in this are the insults volleyed back and forth by Uncle Joe and Charlie when they fight over the Santa suit. It is Billie Jo not Bobbie who sings "O Come All Ye Faithful" in Latin this time because Meredith MacRae was more of a singer than Lori Saunders. The reused B&W footage of the decorated Cannonball was tinted in a sepia tone so it would blend in better with the rest of the episode.
Something different in this one is that it is Mr. Curtis who plays Santa - not Bedloe. This time Bedloe is humiliated even more as he is seen wearing an elf costume that show off his skinny legs in bright red tights. The ridiculousness makes it amusing.
The bit where Bedloe steals the throttle from the Cannonball is not part of this remake nor is the scene where Mr. Curtis is flying to Hooterville in a helicopter.
If you only want to watch one PJ Xmas episode, I would suggest you choose this one over the B&W Season 1 version. There are a few minor differences but otherwise they are almost identical. 7/10.