ADDITIONAL INFO ADDED July 8, 2012
One of our readers has identified this aircraft as a Republic XF-91 Thunderceptor (see Comments). According to Wikipedia there were only two prototypes built with the first one taking flight in 1949. Advances in fighter design were rapid during this time period and helped make the plane obsolete within a couple of years. Plus, it only had a 25 minute flight time - practically useless. It's interesting that a toy company would spend the time and money to produce a likeness of a real plane which never made it past the prototype/test stage. Oh well, we'll never know.
What can I tell you? I don't know what else to call this thing. Toy companies made caricatures and they made faithful copies and at first I thought this was a Republic F-84 Thunderstreak, but alas it's not - this is a caricature - it has bumps and curves where bumps and curves don't belong and its wings are gawky and gangly and bent up at an unusual angle. Now, that's my story today and there exists the possibility that this plane was based on a foreign prototype and isn't American at all. Sooooo, if anyone knows of a real plane that this could be based on please let me know! Many Thanx! It's made of a green hard plastic and measures 6 1/4" (15.9cm) L x 4 1/4" (10.8cm) wingspan. Enjoy!