a Carol–ing we'll go

Three men wait at the gates of Heaven on Christmas Eve. They're told they have to present a Christmas gift to get in. The first man checks his pockets and finds pine needles from his family's tree. He's allowed in. The second hands over a bow and some ribbon. He's allowed in. The third man pulls out a pair of panties. "How do those represent Christmas?" St. Peter asks him.
"Oh," the man replies, "they're Carol's."