Perhaps an episode of Jim Henson's "The Storyteller?" I haven't seen even half of them, but your description would fit perfectly with both the style and ideas that the series used.
Well it may not be solved yet but I was actually thinking yesterday of posting a question about a TV series, and looking at it, it seems like it was The Story Teller, so thanks for solving my question before I even asked!!
That's a load off my mind...