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From Terraria Wiki
The Naughty Present is used to summon the Frost Moon event. It can only be used at night, but cannot be used during a Blood Moon. Attempting to use it during the day will not begin the event, and the Naughty Present item will not be consumed from your inventory. The Frost Moon event will end at dawn if not completed by then. The achievement Ice Scream is obtained after the 15th wave of the Frost Moon event is reached.
- The Frost Moon is a challenging event with several of the most difficult enemies and bosses in the game. Your chances of completing it, or of killing enough enemies to collect rare drops, are better if you use the Naughty Present the moment night (7:30 P.M. in-game) arrives, to give you the most time to defeat bosses and enemies.
- Make sure to keep the event away from any NPCs. This prevents any of them from dying.