I bought my 6 year old son a (non-retro) Specialized Hot Rock with 20 inch wheels & alloy frame. As kids bikes go it's not bad, but the front suspension is apalling. It's sprung for an overweight adult. I'd like to get hold of one of the old "sample" frames that builders used to make in 12" or 14".
...or that mini goat first flight was parading

.... though I doubt he'd be seen dead on a bike with lipstick kisses all over it !
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Sell me your
GREEN 1 1/8 ahead stem
Sell me your
GREEN Moby 27.2 - can swap 26.8
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http://www.retrobike.co.uk/forum/viewtopic.php?p=167121#167121