Owl's Well That Ends Well
First there was Applejack with her herding dog Winona...
...next there was Fluttershy with her picky eater bunny Angel...
...then there was Rarity with her pet cat Opalescence and Pinkie Pie with her unscientifically toothless alligator Gummy.
In this episode, it is Twilight Sparkle who finds a pet... or rather, the pet finds her, as this owl is kind enough to fetch one of her scrolls that blows away in the evening wind. Twilight decides to give the owl shelter for the night and we learn later that she keeps him and names him Owlowiscious.
Now Spike doesn't know this yet, but Twilight initially took him in to become her night assistant with every intention of refraining Spike from doing too much work, especially when baby dragons need their sleep and Spike has been working his butt off lately as is, but unfortunately, following a few series of events, Spike for some crazy reason thinks otherwise.
See, in the beginning of the episode, he accidentally torches a book that Twilight wanted to see by sneezing on dust and out of fear, he tries to cover up his mistake by lying.
But of course, it's only a matter of time before he gets busted. Seeing as Owlowiscious had found the book, Spike hastily thinks that Twilight's new pet is out to get him, so he devises an evil plan to get rid of him.
It doesn't work because he gets caught before he can even carry out his plan and it doesn't end well, but take note of his ketchup-stained footprints. Twilight reprimands Spike for discrediting her intelligence and he misinterprets her when she says...
Twilight Sparkle: This is NOT the Spike I know and love.
And after she walks out on him, Spike is heartbroken, believing Twilight is through with him, and runs away on his own. During a rainstorm, he takes shelter in a cave and eats his fill of gems that he finds. Now, am I the only one who guessed correctly that this cave would be inhabited by a dragon? If you remember back in the episode "Dragonshy", the dragon's cave was also full of treasure.
Speaking of the episode, the green dragon that shows up is basically a recolored version of the same dragon from the episode. Spike realizes his error, but when he gets cornered, Owlowiscious shows up to the rescue and distracts the dragon long enough for them both to escape the cave. He is also able to help navigate Twilight and bring everyone to safety.
Turns out Twilight was worried about Spike all along and tells him what she said out of his earshot earlier.
Twilight Sparkle: No one could ever replace you, Spike.
We also learn that Twilight found Spike by following his ketchup-stained footprints. Imagine that. Twilight decides to have Spike do the honors of telling Princess Celestia in his own letter what he learned about friendship (although for the record Rarity is still the first other character to do so, even if it was in person) and the episode ends with him falling asleep before he can finish it.
Eh, basic episode, basic plot, almost a classic (Toy Story, anyone?), basic pacing, and supreme animation. Another day, another mediocre episode. Well, actually, there's a little more to it than that. Owlowiscious is here to stay, despite only showing up in one more episode in Season 2, so that means that now five main characters have pets. Only Rainbow Dash remains, and although he... I mean, she... does get a pet eventually, it's not till Season 2. And giving what the remaining two episodes of Season 1 are gonna cover, this was to be expected. It's a tad dumb though that neither Spike nor Twilight figured out that owls couldn't talk and they only really say...
"The punch has been spiked? What kind of a joke is that? They do realize this is a kids' show, right? Next thing you know they're gonna say that plants are potted."