Here's a set of light-up yo-yos from...Frosted Flakes cereal! It's easy to tell because the last yoyo has Tony the Tiger on it. Each yoyo looks to have about the same make, too. They likely came inside the cereal box, with their own little glittery card (only Robonick's card is present...it uses foil to simulate the light.

Sonic, Tails and Robotnik yoyos. Each one lights up when you yo-yo it. See how the tips of his tails and the sides are gray? That is the light-up part. But where are the light-up parts on the other 2? (0 gray areas) Sonic curled up is a fine design for a yoyo, but it's too bad the only Tails they had was that awful mutant stock art. The final yoyo being Tony the Tiger makes sense, as these were early Sonic 2 era.