K.P.
We put our tree up (the big one) last weekend while my 18 month-old was sleeping. When he woke up and saw the tree with all of its lights and ornaments he literally shrieked with excitement and he can't wait to turn on the lights each morning when he wakes-up!
If you use a strong stand and make sure that there are no "enticing" ornaments within reach and NEVER leave her unsupervised around the tree, you should be fine. Also make sure that the plug for the lights is either covered or well-hidden. We talked with JD about the tree and there is a "no-touch" rule. So far, so good. We put up our tree last year too!