This is a firefly named Glow. Glow is a Beanie Babies made by Ty Inc. Glow was introduced in the year 2000.
Fireflies (Lampyridae) are small insects, about one quarter to one half inch long. They range throughout the United States and southern Canada and live in woods, brushy areas, meadows and lawns. Their tails actually glow in the dark and you can see them flashing their lights in the dark. Among California species, the females glow but the winged males do not.