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First stage of the event will happen tomorrow.

Talk to the jack lantern in Shinjuku to start the quest 魂に灯をつけて! (Light up a soul). He requires 5/10 魂の残り火 (Soul Embers).

Note that official site states that 5 soul embers are needed, but 4gamer states that 10 soul embers are needed.

Edit: Confirmed to be 10 the first time round to get the earring and a program to summon Santa Lantern. 5 embers after that to trade for “party” items.

Soul embers will be rewards from the new Christmas plasma which will be added to the fields after the patch. They are plasma that switch colors from red to green and vice verse.

Which fields they will appear in are not stated, but from screenshots, Nakano and Shibuya will have them at least.

Reward is apparently a torch earring for this first bit. I’m guessing that it’ll have the same functionality as the Halloween earrings, i.e. +7% damage during the duration of the event.

Second stage of the event will take place on the 11th of December and involves Santa Frost.