I would like to make a pony for my daughter's cake in a couple of weeks. I have never molded anything. What is the best way to do this?

Thanks!

Depends how big you want it and how much detail. If it's relatively small (figure size) I would use fondant mixed with gumpaste (50/50) or fondant and tylose. You can also used crushed RKT covered in melted candy melts and fondant if it's a bit bigger. Modelling chocolate would work well for a bigger piece too, but you get less detail.

I have also done choc molds with candy melts- they weren't too challenging - just time consuming. I did these little ponies for my daughter's recent b-day:
http://cakecentral.com/gallery/2088295