6 hour trippy fable movie

I can’t remember this movie title and now it’s driving me crazy. It’s an old either 70s or 80s movie. It’s like maybe six hours long. It’s set in this crazy wonderland world where all mother goose fables are real. There is a wolf named wolfie and he falls in love with a girl but had to resist the urge to devour her pet sheep…. it is a neon pink sheep. They get lost along the way and drink mushroom teas in a foggy forest. The wolf gets accused of murder. All types of weird stuff. What’s the name of this movie? Does anyone remember?

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