Recently, GameSpot shed some light on the title, referring to the game by its Japanese name 'Mogitate Tingle no Barairo Happy Land,' or literally, "A Fresh Tingle's Rose-Colored Happy Land":
"[The] game's plot apparently follows an average middle-aged guy ... [who] finds himself mixed up in a sort of wager. An old man named Rupee-ji ... invites our hero to collect the familiar currency of Hyrule and toss it into the spring. As a result, he opens up a path to the 'Happy Land,' a paradise where wine, women, and song are in ample supply. As soon as he agrees to give it a try, the protagonist is transformed and appears wearing the familiar Tingle outfit."
[Via 1up; visit DS Fanboy for more details]