For Christmas 2011, Sword 2 is having another imported event from Korea. See Christmas Event Patch Notes for official notice. For the same event of other editions, see the following:
There are 4 event NPC located in Thueringen Lakeside, offering a total of 4 missions and 1 quest. Each mission can be attempted 1/day, and lasts up to 30 minutes. The 2 missions from Santa Soldier (Male) are basically modified, recycled missions from
Christmas 2010, but much easier for new players to manage.
1. Villain With Gun
Max. Participants: 5 families
Talk to Santa Soldier (Female) to start this mission. You will be moved to a small map, similar to Mission: Spotlight. Fight Santa Bernelli (L70 Human), who can inflict debuff status such as [Freeze]. After a while, Lightning Turrets (L60 Other) will spawn, and they probably can inflict [Shock] status. Defeat Santa Bernelli, and talk to Santa Soldier to receive 2 Christmas Stockings and 2 Christmas Coins.
2. Villain With Staff
Max. Participants: 5 families
Talk to Santa Soldier (Female) to
start this mission. You will be moved to a small map, similar to
Mission: Spotlight. Fight Santa Emilia (L70 Human). After a while, 2 Ogre Followers (L60 Daemon) will appear and buff Santa Emilia with [Accelerate] and [Magic Armor] to improve her ATK, ATK Speed, DEF, and Magic RES.
After a while, Santa Emilia will become completely immune to damage. Kill the 2 ogres to remove her immunity. Defeat
Santa Emilia, and talk to Santa Soldier to receive 2 Christmas
Stockings and 2 Christmas Coins.
3. Villain With Sword 
Max. Participants: 5 families
To unlock this mission, you must complete the first 2 missions. Talk to Santa Soldier (Female) to
start this mission. You will be moved to a small map, similar to
Mission: Spotlight. Fight Santa Adelina (L70 Human).
After a while, 3 waves of enemies will appear, causing Santa Adelina to be immune to damage. Kill all the additional enemies to remove her immunity. The first 2 waves consist of Skeleton Followers (L60 Undead). The 3rd wave consists of Santa Emilia (L60 Human) and Santa Bernelli (L60 Human). Defeat
Santa Adelina, and talk to Santa Soldier to receive 2 Christmas
Stockings and 3 Christmas Coins.
4. Rudolph Rescue 1 : Cabeza de Gigante
Max. Participants: 3 families
Talk to Santa Soldier (Male) to
start this mission. You will be moved to a map similar to
Cabeza de Gigante. There will be many large eggs scattered throughout the map. Kill Glacial Valkyries (L60 Daemon) to collect Rudolph Medicine. Drag and drop the medicines (5) on each egg. If a Rudolph appear, talk to it. Sometimes, a Snowman (L100 Golem) may appear instead. Snowman and Jack Frost may also drop Christmas Coins.
Keep doing this until you have talked to all 5 Rudolphs. Then, you will be moved back to the middle of the map. Talk to Rudolph Blue to receive 2 Christmas Stockings and 5 Christmas Coins. (The medicines are removed when you leave the mission, so don't bother trying to stock them up for the next day.)
5. Rudolph Rescue 2: Glacial Tower
Max. Participants: 3 families
Talk to Santa Soldier (Male) to
start this mission. You will be moved to a map similar to
Glacial Fortress 3F. The outer corridor is patrolled by Christmas Novia (L60 Human) and Christmas Elmorc (L60 Human).
First, destroy the 4 Crystals (L100 Other) located at the balconies (C10, J10, J3, C3). Then, click on the Christmas Tree (J5) to move into the spiral path (I5). Kill Snowman (L60 Golem) and a new Crystal will appear randomly at one of the balconies.Go back out to find and destroy the last Crystal.
After the last Crystal is destroyed, run down to the middle area (F7). Spank Tiburon (L70 Human) and Ramiro (L70 Human), then talk to Santa Soldier to receive 2 Christmas Stockings and 5 Christmas Coins.
6. Help Santa Nunez
Talk to Santa Nunez to start this quest (repeatable 1/day). Talk to 3 "children" (any one in each town) to receive 1 Christmas Card each. The possible NPC include:
- Auch - Gabriel (F8), Merv (E8), Mary (F7/F8), Boy in the Tunnel (G7)
- Coimbra - Karina (J7), David (K7/K8), Joey (K9), Jackson (C9)
- Reboldeaux - Paul (H6), Aida (G7/G8), Chucky (G8), Souky (F8)
Each NPC will ask you to take a present from one of the 5 colored boxes before giving you the Christmas Card. Each NPC will have 3 types of responses to the presents - love, indifferent, and hate. It seems that their responses will affect how many coins you will get later. Once you have all 3 cards, talk to Santa Nunez again to receive 2 Christmas Stockings and 2-5 Christmas Coins.
7. Christmas Shop & Casino
Finally, talk to the Christmas Rapper to access the shop to buy stuffs with your Christmas Coins. You may also choose to gamble your coins (1/day) by playing
Rock, Paper, Scissors game with the NPC. To gamble, drag and drop up to 1,000 Christmas Coins onto the Christmas Rapper. If you win, he doubles the amount of coins used. If you lose or draw, he steals them.
You probably don't want the Soul Crystals (Event), but the Promotion Recipes - Veteran/Expert/Master will be useful.

According to Japan's event notice at
聖夜の救出大作戦2, Winter Season Box can drop the following items. Click on side image for full-size view.
- 1 Santa Costume for Calyce, Grace, Adelina, or Emilia
- 1 Santa Hat for Calyce, Grace, Adelina, or Emilia
- 1 Santa Costume for Fighter, Scout, Elementalist, Wizard, or Musketeer
- 1 Santa Hat (usable by all basic characters)
- 1 Rudolph Hat (usable by all basic characters)
- 1-3 Christmas Tree
- 1-3 Snowman
Singapore edition is also having the same drop table for the boxes, so it probably applies to U.S. servers as well. The shop for Japan's event is different though. Instead of Promotion Recipes, they have EXP Cards, Principal Ampul, Shiny Crystal Box, Ancient Runes - Ti/Te/Ar/An, and some (buff) dishes.
8. New Christmas Costumes
The cash shop has also been updated to include Santa Poppet Box
(250 Gold), as well as the latest Christmas costumes from Korea. See
Holiday Special Sale for screenshots. They are Valleria Santa Hair
(250 Gold), Asoka Santa Hair
(250 Gold), Valleria Santa Costume
(2,000 Gold), Asoka Santa Costume
(2,000 Gold), Christmas Rocket Back Costume (350 Gold),
Crystal Rudolph Face Mask for Female Elementalist (350 Gold),
Christmas Fantasy Weapon (Rod) Costume (550 Gold). For comparison, 20 Mysterious Powder is worth 300 Gold.
Last week, they have also released
Santa Costumes for Emilia and Calyce (Dec 14-16) and
Santa Costumes for Adelina and Bernelli (Dec 17-19).
Other editions released Santa Costume Sets for Asoka and Valeria via their web games -
Imperial Wheel V: Christmas 2011 (Japan),
Magic Circle 24 (Korea), and
HCOF Christmas Event (Singapore).
9. Other Christmas Events & Promotions
There will be a rate boost event granting EXP +50%, Stance EXP +50%, and Drop Rate +30% from Dec 20, 2011 to Jan 04, 2012. [
Source]
There are also GM-hosted events involving alphabets collection through PvP, racing, hunt-and-seek, and scavenger hunt. See
In-Game Christmas Event for details.
There is a forum event involving Christmas songs. See
Sword Christmas Songs for details.
There is also a 10%
Discount On Gold Packages from G1 until Jan 02, 2012.