Obviously, with a title like "Seasin's Greetinks," this is a Christmas-themed cartoon! Kind of unusual that they'd do that with the fifth entry, but there you go! As you might expect, when we iris out on Popeye singing his theme song, he's ice skating on a frozen pond, and not letting anything like a big snow drift get into his way. He gets out of the drift in front of a house, which has a lot of snow on it, but when he blows his pipe to finish his song, the wind he creates blows the snow off of the porch, and as he walks up to the door, we see this is Olive's house (guess after breaking that window, she got kicked out of her apartment after the last cartoon?). Popeye knocks on the door once, twice, then three times (without looking), and the third time, he knocks on Olive's head, as she'd opened the door! She gives Popeye a kick in the behind in exchange.
Meanwhile, Olive's got the hang of skating, and Popeye lets go of her... but once Olive notices Popeye isn't holding her any more, she starts to panic! Just before she passes by Bluto, Bluto lets his dog go, and uses his whip to grab hold of Olive, and he says, "Hello, baby! How about a little kiss?" Olive starts to fight him off as Popeye skates over. When Popeye arrives, Bluto says, "Merry Christmas!" and smacks him one on the jaw, leaving Popeye stunned.
But as Bluto skids away, he crashes into a convenient icebox someone left out, and the ice breaks up and flies into the air, landing as little cubes neatly in ice cube trays that pop out of the icebox, and then go back in! Bluto stands up and growls, "Oh, yeah?" Meanwhile, Popeye's leaping from ice floe to ice floe in pursuit of Olive, whose block of ice conveniently gets stuck on an outcropping of rock! She's slipping off of it, however, and when Popeye gets there, he slips right past her, and down to the bottom of the falls! He starts swimming back upstream ("Boy! This water's cold!") and up the waterfall (to a rousing rendition of "Yankee Doodle") and to the shore!
Olive stretches a leg out to him, and then pulls herself from one foot to the other, sliding upon her leg (as if both legs were one long piece of rope, running through Olive's middle) and to safety. Popeye goes to warm her up, but Bluto has rolled himself up a huge snowball on a cliff above them, and laughing, pushes it over... but he himself falls inside the snowball himself (like Bullwinkle was to do, years later).
Well, that final blow was certainly the most impressive use of the Transformation Punch yet, wasn't it? Still, I'm bothered that it's taken so long for the spinach-eating sequence to get the "pop" I'm used to... and it almost seemed like an afterthought here, like someone said, "Hey! When is Popeye going to eat his spinach?" We haven't yet gone to Olive Oyl's final voice, but Popeye and Bluto's voices are the way I expect them to sound.
There's a couple of good gags in this, such as Olive pulling herself along her legs, and the ice cube bit... but you know what? I think Popeye should've had to eat his spinach after he went over the falls, and then swam up them -- otherwise, he just ate his spinach to knock out Bluto and decorate the tree, and he's already knocked out Bluto in this cartoon already!
So obviously, while it's a good cartoon, I'm still left feeling like I can only rate it three cans of spinach!