Found this via DriveThruRPG today (if you're not signed up to their emails, do so; it's an awesome RPG resource!).rpg.drivethrustuff.com/product/100543/Fa...
It's not D&D, but RP for tykes. You can see some of the character profile pages in the preview; the illustrations looks cute, and the characters pretty well fleshed out for a simple system.
Fantasy Adventures For Kids
Fantasy Adventures for Kids is a paper and dice game where kids play the roles of powerful warriors and wizards that must fight through dungeons to destroy evil monsters and find treasure. This game was designed for parents that want to introduce the idea of using imagination in games to their children. It has all the concepts of more complex RPGs but this game has been streamlined to get your kids playing as quickly as possible. All characters are premade so all you have to do is print out the girl or boy version of the character that your child wants to play and its corresponding paper miniature. Every monster in the game also has its own paper miniatures that can be printed so there is nothing else you need to buy except for a ten sided die.
This game includes:
9 Character Classes (Boy and Girl Versions) with Paper Miniatures
23 Monsters with Paper Miniatures
Evil Dungeon - Introductory Adventure
Time: 30-90 Minutes