This hovers between 3 and 5 stars, because the concept amazes, yet the actuality turns out to be a work-a-day parody. I'm not sure I could expect more, because of cthulhu being what he/it is. If you have seen him/it, you are left a chittering mess - and omg, I just typoed that shittering, which is about right - but if you haven't seen him/it, then you can write verse aping the original Wild Things diction.
This is the thing, if you are to parody the best of children's fictions, ones that reflect and amplify the amazing psychology of children with pitch perfect grace, you should do better than to high concept this with some cthutlhu stylin's. A good idea, a...not disappointing, but expected iteration. Fun though. The nameless horror is always fun.
*cue Lovecraft rolling in his grave*