It's Angel Bunny! I kinda went for a good meets bad appearance here. The butterfly earrings and cherry necklace are a subtle hint of Fluttershy and the pink bag is for color and Angel Bunny's pink nose.

Rainbow Dash's style spurs from her athleticism, awesomeness, and self-confidence.

Twilight's an egghead.

Pinkie Pie's... well, she's Pinkie.

Rarity's fabulous, simple as that.

I imagine Applejack just wears what's comfy and doesn't really care about fashion, of course having Rarity around means she'll never look sloppy.

I imagine Fluttershy's style to be very sweet and gentle, filled with lots of pastel colors.