This song is composed of eight-bit instruments (NES style) with some basic hip-hop drums behind it. It's not a Zelda cover song.
electronica instrumental
I was fooling around with the NES soundfont off zophar.net and decided to make a little doodle. The name of the song's a play off of the Dance of the Sugar Plum Fairy, and I needed a name of something from the NES in there, and Zelda 1 has fairies, so...