The New Girl star formed the band with Matthew Ward in 2006 after he heard her singing in festive movie Elf with Will Ferrell and contacted her to see if she would be interested in a collaboration.
The band debuted the comic animated video, directed by Elliot Dear, on Wednesday (19Dec12) and the single forms part of the 12-song list on their Christmas album entitled A Very She & Him Christmas.
In the clip, Deschanel's cartoon form attempts to seduce Ward's character with wine and takes on the traditionally male vocal part with Ward desperately trying to flee from her advances.
But it's a happy ending as Ward finally relents and produces a bunch of mistletoe, much to his bandmate's delight.
A portion of all U.S. proceeds from the album sales will benefit 826 National which supports a network of eight writing and tutoring centres for under-resourced children aged six to 18.