When you're on Blizzard Peak in Ice Canyon jump past the 3 wind tunnels and take the path up to the top. Along the way you'll see a Penguin sitting on a ledge. Continue upward until you reach the penguin. There will be a short cut-scene and then the penguin will jump off. Quickly raid the chest and then follow the Penguin. Once you catch up to him he will give you another reward. It takes him awhile to get to the small "cave" where he ends his journey so you should have no problem reaching him in time; however, once he reaches his cave he will not give you anything. If for some reason you don't reach him in time you can reset the encounter after he reaches his cave. Leave the area and return to the point where you first saw the penguin.