The crossword solution for the term PINOCCHIO KEEPSAKE is CEL, which stands for 'CEL Animation'. CEL Animation is a type of animation technique used in traditional hand-drawn animation. It involves the use of transparent sheets of celluloid, or cels, on which characters and backgrounds are drawn. This technique was popularized by Walt Disney in the 1940s and was used to create the classic Disney film Pinocchio. Therefore, the crossword solution CEL is a reference to the Pinocchio keepsake, which is a reminder of the classic Disney film.