My LO always wants to ride Dumbo first so we start in Fantasyland but only if crowds are reasonable, which is less and less these days. On a low crowd day with good wait times we would prefer to ride in this order: Dumbo, Alice, Casey Junior Train, Storybookland Canal Boats, Toad, Pinocchio, Snow White, Carousel (we never even consider Peter Pan unless it's a weird day and there is a line less than 20 minutes), then head over to Small World. This usually puts us around the time Toontown opens (one hour after regular park opening) so we head in there to meet Mickey and Minnie (and often Pluto or Goofy too), and ride Gadget's Go Coaster and Roger Rabbit.
On days that Fantasyland is too crowded we skip it entirely and hit Pirates, HM and Jungle Cruise, then go over to ride Winnie the Pooh and meet Pooh and Friends.