I like how there seem to be two different stories going on here - the two people with the dark horse in the background, and the little girl with the pale horse in the front. My only complaint is that compositionally speaking this is a little busy... perhaps some shallow DOF might have helped separate them? But in any case, the expression on the little girl's face is priceless. Something also, about how the face of the horse is cropped off makes him seem more threatening, so the viewer understands the girl's apprehension.
Cute title. For me, had the focus been on the little girl and the background blurred out a bit, I would have scored this higher. I do like the sepia tones.
I find my eyes drawn to the people in the background. I think a composition with just the girl and horse would have been more striking. Horse's eye at the least would've helped.