Similar to a previous event, you make a cake and turn it in to get a Valentine's Day Dungeon Pass to drop in Math Dungeon. Once cleared, you can get one of the 35 rewards, four of which are shown below.
[SPOILER="Chocolate Cake Giving Event"]
[Image: http://s.nx.com/s2/game/Mabinogi/C4/event/2014/0213_valentine/bg_cake01.jpg]
[Image: http://s.nx.com/s2/game/Mabinogi/C4/event/2014/0213_valentine/bg_cake02.jpg]
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Source: http://mabinogi.nexon.com/C3/News/Event.asp?mode=view&aid=99&ReadSn=4882185&page=1
New outfit released as another Shopping Bag for Valentine's Day. Source has animation for idle poses.
[SPOILER="Choco Waffle Costume Shopping Bag"]
[Image: http://s.nx.com/s2/game/Mabinogi/C4/event/2014/0213_valentine/bg_waffle01.jpg]
[Image: http://s.nx.com/s2/game/Mabinogi/C4/event/2014/0213_valentine/bg_waffle02.jpg]
[Image: http://s.nx.com/s2/game/Mabinogi/C4/event/2014/0213_valentine/bg_waffle03.jpg]
[/SPOILER]