aka Tis the Season
How bad is it? It's bottom-of-the-barrel exploitation.
Should you see it? No.
Plot: women get naked and then get killed. What, you want more? A man sees his mother having sex with someone dressed as Santa and murders him. Later, he stalks an actress and jealousy causes him to kill her co-stars while dressed as Santa. They're making a film called "Scream Queens Naked Christmas," which was actually filmed and released simultaneously with this stinker. There's no gore, not much violence, but lots and lots of nudity.