Quite a pleasant cartoon to view, and a respectable one to end his directing career on for Anatoliy Solin (also one of the final ones released by Ekran studio, right before the government shut it down). Solin's first film in 1973 was the one that started this Munchausen series.

In the original story, though, the wolf actually eats up the horse from the back while it's running and that's how it ends up in the harness, while in this one the horse just runs away. I guess that makes it more "family friendly" but I can't help but prefer the more bizarre original version. The Germans made a cartoon version of that one in 1944 - Die Abenteuer des Freiherrn von Münchhausen (it can be viewed here or here). It's wonderfully demented and I recommend it. :)