At a train show I bought a Lemax Carnival Balloon Ride, No. 64491 that was not working. After disassembling the ride, I made the circuit diagram below. The problem was mechanical, but I find the animation circuit to be useful for other projects, so I am posting it here.
There's a label on the ride indicating the input should be 9Vac, but I noticed that the LED was not very bright at 9Vac, so I went in steps to 14Vac without any damage or noticeable issues. So in my opinion, this circuit is ideal for 12Vac operation
The motor rotates at 5 RPM, and it has a 5/32" diameter shaft. Depending on how you apply this circuit, the switch could be a momentary contact or a conventional ON / OFF.
This link shows the ride in action: http://www.youtube.com/watch?v=oYnb_VadAKk