I saw various clips of this early animation on a documentary about the changes in cartoons and animation through the ages. An interesting documentary featuring John Kricfalusi amongst others. However the highlights were undoubtedly the clips of Buried Treasure. Not surprising, was that this animation was featured in regards to adult content and themes, in what is often regarded as a medium for children's entertainment. This hilarious little cartoon is clearly for an adult audience as it is of a sexual nature. As I recall, it's centred on a very well endowed little character whom has anything but a little libido. In a knockabout fashion like the 1920's silent movies of Buster Keaton, he makes one goof after another on account of being unable to sexually repress himself.
You may read this and scoff from your intellectual disposition. But I would happily place a bet against anyone to watch this and not find themselves rolling in belly laughs. As I recall 'Buried Treasure' was the second of two animations that were very alike. Unfortunately, I have no idea of any details of the other one. I did however go looking on the Internet for this one and even contacted 'Spumco' animations. The lead I received took me to a dead end and so I gave up. However I would imagine it would have to be somewhere on the net to download.