Most likley not. Since Finn and Jake don't really like the Ice King, they imagined him being chase by a monster. All the other people weren't able to summon their fears, yes, but that's because I guess they dontdon't really have a problem with them. And if Finn and Jake were able to get rid of their fears, then why didn't the Ice King get rid of the penguin monster? Because he wasn't dreaming. Awesome episode by the way!