What is The Name of This Old Children's Movie?

I believe it's from the 80's or 90's and there is a boy and a girl in this magical world and they meet this lady who is really colorful (rainbow tights and bows) and for some reason her colors begin to fade and in the movie there are singing bullfrogs, Michael Finnegan, a really big family who sits on the front porch in rocking chairs and they have a little baby who is sick, and there is a weird singing puppet who is sleeping and when they wake him up he freaks out and sings really fast..... I know this all sounds odd but it's all i can remember and it's really bugging my sister and I cause we wanna watch it.... Thanks :)