'Tis the season of giving! Oprah's O magazine is treating readers to its' first-ever "Give-O-Way," with 12 lucky winners each receiving 46 gifts (along with a special grand prize for one lucky reader) -- and Oprah's BFF Gayle King is walking us through the holiday treasure trove!

"We didn't do over-the-top extravagant," says Gayle about the list, in lieu of Oprah's annual Favorite Things giveaway on her show, which she will not do this year. "You'll find it's moderately priced, really good things -- it's a fun thing we're doing this year for the first time."

From Holiday Light Cookies and a beautiful necklace to reading glasses, a little giraffe coat, Chanel bath oil, silver Reeboks and cotton PJs, Gayle breaks down some of the fun items from the list!

"Pajamas are one of Oprah's favorite things in the whole wide world," she says, adding her take on Oprah closing up shop at the end of her 25th season on the air: "The day's going to come one day where she can wear pajamas all day long."

"I knew the announcement was coming, but when I heard it, it was still so hard to absorb," she says. "It really was, because Oprah has been such a part of the culture for so very long that I'm even sure we all realize the loss that it's going to be."

The Joy of Giving is the theme of the December issue of O, on sale now, and from December 1-12 the mag will select one winner each day to receive all 46 gifts in the 2009 O List Holiday Edition. In addition, one grand prize winner will receive a trip for two to "The Oprah Winfrey Show" in Chicago and "The Ellen DeGeneres Show" in Los Angeles!

To enter, readers must go to http://www.oprah.com/12days each day of the contest and enter the code found on one of 12 designated icons (a stocking, gingerbread man, candy apple, among them) sprinkled throughout the December issue.

Watch ET for more with Gayle and Oprah!

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