I don't like fondant - it's completely inedible - and at least marzipan has almonds in it. So this was the solution I came up with for my marzipan-loving pony-mad eight-year-old.
A quick Google search brought up this charming YouTube tutorial and my efforts in marzipan are pictured above. I coloured the chocolate marzipan by kneading it in cocoa powder until the desired colour was achieved. For other colours use paste food colours as the liquid type make the marzipan too wet to model. I stuck to a two tone au naturel palette.
The ponies were a huge hit and I sat them on a chocolate cake (basic choccy sponge recipe) on a bed of custard-based buttercream (less sugary than the icing sugar sort) fenced in with chocolate fingers.