The film starts out B&W and shows Oliver Nibble being berated by his wife. They go to a cinema and Oliver's imagination runs wild. The film turns into color as Oliver photographs his models in various stages of dress (and undress).
Oliver (Dick Van Patten) is in New York City with his nagging wife when they walk into a show. This is when the B&W short turns to color as Oliver begins to see various models dancing and doing other things while being naked.
THE SECRET DREAM MODELS OF OLIVER NIBBLE isn't the greatest short that you're ever going to watch but it's mildly entertaining if you like this sort of thing. You know, these shorts were made for one reason and that was to show nudity so one should keep that in mind while watching it. For the most part this is mildly entertaining as long as you know what you're getting. With that said, there's no question that it runs way too long at 22-minutes and it does take too long for the nudity to actually happen.