"Cacaboody", from my memory, concerned two little sisters who are talking and loosely making up a story as they go. Even that suggests more of a narrative than there really was. It sounded like two little girls were recorded playing and someone created an animation on top of their natural, unscripted conversation.
Of course, I misspelled the title in the entry I wrote, which made it infinitely harder to hunt down...
... but eventually, I found it.
From John & Faith Hubley.
Watch it, even if you wouldn't normally:
The Hubley's work has been around. The most recent notable contribution being the animation for the great Hedwig & the Angry Inch movie.