This is an older song that I have enjoyed listening to over the years. The lyrics are not 100% accurate though. Only those who repent of their sins and put their trust in Christ and His atoning sacrifice for their sins on the cross will have their sins forgiven. Perhaps this song was meant to be directed just for a Christian audience.
Anyway, I hope that not only children will learn about Jesus, but they are the ones being deceived about Santa by many parents. Underneath the video (which I hope you will enjoy), I will put a link to an interesting article about that subject by Noel Piper.
Here's the link to the blog post by John Piper's wife Noel: