From the Super Mario Wiki
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The player starts at the top of the level, and there are several Donut Blocks the player needs to jump between while avoiding spiked platforms. By jumping between the Donut Blocks on the right, the player will reach a Donut Block with the yellow Present over it. Jumping off of this block when it is close to the spikes below will allow the player to reach the Key and unlock the door on the ground.
To get all of the Presents, the player has to make use of Handstand Double Jumps to move between Donut Blocks.