The one with the shortest line..........

So true. We usually modify our touring plan based on the line wait time. It pays to be flexible.
I would grab a FP for Peter Pan and then ride the caroussel. Since there will be time remaining on your FP I would then hit Pooh or Snow White.

As soon as your daughters see the carousel when they enter Fantasyland, they'll want to ride it. My DD5's eyes lit up when she saw the carousel. Mind you, we have a carousel inside our local mall. But, there was just something so magical about Cinderella's Carousel to her.
OK, we have early morning ressies at Crystal Palace for breakfast!

Right after we eat, we want to hit Fantasy Land. Which ride should we do first?? Let me say that we aren't planning to do Dumbo. What ride should we jump on quick and then maybe get a fastpass for a different one? Trying to be strategic here

Thanks!!

Since you have "little princesses", my vote would be
Cinderella's Carousel for your first ride (like the other post). Plus, it is on your way into Fantasyland through the castle. Then, get FASTPASSES for Peter Pan's Flight. Ride Pooh and then It's A Small World (right across from PPF) while waiting for the PPF FASTPASSES to be valid. My DD5 LOVED IASW. As much as my children love Pooh and Snow White, BOTH rides scared them because of the darkness. We don't plan on riding Snow White's Scary Adventure anytime soon. Which is a big shame. Disney needs to modify that ride big time!
- Jennifer
Okay, in a nutshell:
#1 Cinderella's Carousel
#2 Ride Peter Pan's Flight standy-by (If line is longer than 20 minutes get a FASTPASS.)
#3 If you ride PPF stand-by, Get FASTPASS for Mickey's PhilharMagic
#4 Ride Mad Tea Party (Slow-loading ride.)
#5 Ride The Many Adventures of Winnie the Pooh (near Tea Cups)
#6 Ride It's A Small World (near Peter Pan's Flight)
#7 Ride Peter Pan's Flight with the FASTPASS or
#7 Use FASTPASS, Watch Mickey's PhilharMagic (By this time you'll want a rest.

)
#8 Get FASTPASS for Mickey's PhilharMagic (If needed or you did not get one earlier.)
Have a magical trip!
- Jennifer