Jimmy Fallon's Ideal Holiday Season Includes His Family, the 'Coziest' Pajamas and Creamed Onions (Exclusive)

Amid his busy holiday schedule, the 'Tonight Show' host is teaming up with Alex Mill on an adorable new pajama collection dropping Nov. 20

In Jimmy Fallon’s world, the holiday season is in full swing. In fact, for the Tonight Show host, 50, there’s no such thing as listening to a holiday jingle “too soon.”

“[If] it makes you happy, put on Mariah. Crank it!" he tells PEOPLE. 

His love for the season and all of its music is evident in his recent album, Holiday Seasoning, which features guest turns from musicians including Ariana Grande, The Jonas Brothers and of course, his good friend Justin Timberlake, who he was able to record with amid his world tour last summer at Electric Lady Studios in N.Y.C. “Doing it with Justin was great,” he says. 

As far as how he and his wife, Nancy Juvonen, 57, celebrate the season with their two daughters Winnie, 11, and Frances, 9, Fallon admits they’ve “tried a bunch of traditions and nothing has really stuck.”

One of the failed traditions, he remembers, was one he picked up from Gwen Stefani. 

“We wrapped the doorway leading into the Christmas tree with wrapping paper so that the kids had to run through it to get to the presents,” he says. “And it just got dangerous. They're just running and almost falling into the tree….I didn't want that. I don't want anyone getting hurt.”

Related: Jimmy Fallon Reveals Sentimental Gift from Wife Nancy for His 50th Birthday: 'Never Felt More Loved'

He adds that he’s tried to “stay away” from Elf on the Shelf as well, though “everyone keeps sending them to me.”

In his house, though, one thing is for sure “we believe in Santa,” he says, sharing that their secret to keeping the magic alive is “having a sense of humor and laughing.”

This year, the family of four will be decked out in P’Jimmies — Fallon’s new collaboration with Alex Mill — which the comedian calls the “coolest, coziest thing you've ever seen.”

For the sweet campaign, which launches Nov. 20., Fallon posed with his family of four in the colorful pajama sets he helped bring to life. 

Alex Mill founder Alex Drexler tells PEOPLE that his brand and Fallon were a perfect fit for their second P'Jimmies collaboration ("the first collection sold out immediately!" he recalls) because of how important family is to both of them.

"My mother and father [retail legend Mickey Drexler] have a standing weekly play date with my daughter – it always involves something fun and imaginative," he says. "My daughter is incredibly creative and inspires me constantly, so the idea of Jimmy’s kids as part of his own creative process — we absolutely loved it. His whole family was so fun to work with; the energy on set was awesome."

Fallon’s collaboration with Alex Mill is just one of the exciting partnerships he’s been working on in recent months. He also has a holiday seasoning collection with The Spice House (which includes a limited-edition gingersnap cocoa blend), a SiriusXM radio station and an upcoming holiday special that will air following the Rockefeller Center Christmas tree lighting on Dec. 4 on NBC. 

Related: Jimmy Fallon Reacts to 2024's Sexiest Man Alive — and has 'Fingers Crossed' Next Year Is His Year (Exclusive)

“It just kind of weirdly just happens,” he says of his busy schedule of projects. 

But amid his array of ventures, Fallon is sure to prioritize time with his family; for him, he says, “it really is the memories that is the best part of the holidays.”

“You grow up, you go through different phases. You're like, ‘oh, it's the presents,’ he says. “And then the older you get, you go, it doesn't matter, it’s [about] being together”

This year's memories will include his family's streak of hosting Thanksgiving dinner following his appearance at the Macy’s Thanksgiving Day Parade with The Roots. 

For his part in the meal, Fallon is on side dish duty and for the last few years has cooked one of his grandmother’s favorites: creamed onions. And while he admits they’re not “necessarily good,” they’re special nonetheless: “I just think of my grandma and go, ‘Hey, we're thinking of you.’”