My 4yr old boy has L2i with conservatively driven R5... not a toddler though..
My son asked for his lifegear light tonight before bed. He played with it for about an hour before he fell asleep :)
Whenever I told him its time to sleep and turned it off, he would say "daddy I'm scared of the dark". Then he would take it from me and turn it back on, and then giggle.
Those Life + Gear lights are available at my local brick&mortar store.
Let me know if you need re-shipping services.
The good part about it is there is nothing it comes with they can swallow/choke plus they are training to be little Schwarzeneggers for the future^^
...the free AAA light from Coast?
http://www.coastportland.com/surveyCC.php
Bright enough to be useful, dim enough to be safe. When an adult tightens it up properly a toddler won't be able to open it and remove the battery.
Forget the kids, I need this warning. Not even kidding. But we've all been there, right guys? Guys? (sounds of crickets) Ah, guys? (more crickets)
Anyway. a "toddler torch" should have, IMHO these qualities-
1- Be big enough not to eat, but small enough to handle
2- Bright enough to "WOW", but dim enough not to blow the retina out
3- Run off of a rechargeable battery so you can still afford to put a roof over the kid's head
4- A momentary on switch so it doesn't run all night
5- Water and shock proof so it can go for a "Swim" or bounce down several flights of stairs
6- Cheap enough not to cause heart attack (yours) when it gets lost
7- Childproof
8- Bonus points for GITD
Personally, my sons had/have M.O.L.L.E. lights from the now defunct Pentagon Lights. Nailed the checklist... well except for #s 4,6 and 7. 
Thankfully they have outgrown leaving them on all night and they never did manage to misplace them for more than a few days.