It was not the Frank L. Baum one that Rankin Bass Adapted. I think Santa was a boy living with a guardian (his grandma, I think) in an Arctic mountain range or something. There was like an elf on the cover that looks more like a halfling. I remember seeing it in 6th grade, 2005-2006. I think it was trying to cash in on the young magic user craze that Harry Potter started and was carried on by Percy Jackson, Charlie Bone, and Artemis Fowl.
Lost Classics of Teen Lit: Name That Book! 