A very good start to a series. I also think your theories are interesting as it's a "minority" theory from what I've seen. Have you seen this video on Youtube ?
Game Theory: FNAF 2, Gaming's Scariest Story SOLVED!
Theories like this one seem to be the most common. Either way, seeing new theories and seeing people present them regardless of the what is in the "main stream" is always refreshing.
I took off 0.5 stars because it's too short. I can understand doing smaller clips, but I mean that it's too short to really have an "atmosphere" for me. Maybe allowing more time to let the atmosphere sink in before moving on. The piece with Freddy and The Puppet is good, but have Freddy become slowly fearful of it. For example, as The Puppet is coming up the hallway, have Freddy open his eyes slowly at first and then finish quickly as The Puppet is by the door. Freddy can then become over come in fear slowly. It would add on time, but for me it's the only thing keeping me from giving it a full 5. However, that just me and my stars are biased based on what I find truly perfect. This mostly comes from my taste of horror and thriller games and movies.
Overall, I really do like it even if it's not the usual length that I'm a fan of and I couldn't get all of the atmosphere that I want. It's always great to see new people and new stuff on the site.