I can't remember many details but I know it was shown in the 90s, but looked like it was made in the 80s. It aired on ITV in the UK , and the theme tune was very serene. The lyrics were something about "wild imagination".
The show had a good faction that dealt with dreams, and there was a dream master of some sort who was a really seen Dumbledore/gandalf style wizard.
There was an evil side who may have been in a volcano and dealt with nightmares.
The intro/outro may have had dreams appearing in bubbles.