I must have seen that commercial hundreds of times as a kid, and I never once recognized the song the energetic black man was singing as "Jingle Bells". I always just heard tuneless gibberish.
Even as a kid I felt this was an appalling stereotype. And the microphone / radio do absolutely nothing to enhance his activities.
... is that a time lapse? In the scene with the kids singing, the black kid is trying to take the Mr. Microphone from a white kid. Is that the same black kid years later, jivin' his way down the road, still singing "Jingle Bells"?
This gave me warm fuzzy nostalgia for that Simpsons episode where Bart uses one of these to prank the town into thinking there's a kid trapped in a well.