This will give you 5 minutes of hands free time to get something done. At this age children will be wanting to use the mouse, and if new to computers will pick up the necessary skills quite quickly. Playing tag with Oscar, in the story and trying to pop the balloons and bubbles, are good games to develop mouse skills. They will be wanting to explore and discover things on their own. You will still need to be there so they can show you what they have discovered.
Bears provides lots of opportunities to create interesting discussions.
Try counting the bears that jump up from behind the bed after they've popped the balloons. Discuss the differences outside in the different seasons. At this age children may become interested in words, and enjoy playing the word matching and playing their own tunes in the music game. They'll also get a lot out of the lesson plans and resources from the web site. At this age the CD-ROM will probably be too easy to keep their attention for long.