Eternal Recurrence of the Snowman

Frosty the Snowman: an existential fairy tale ('So he said, "Let's run/and we'll have some fun/now before I melt away"') or a fable about property law (did Professor Hinkle really abandon his hat)?

I suspect it's the former: 'So he waved goodbye/saying "Don't you cry/I'll be back again one day.'

He's a frozen Nietzsche, he is.