Put it immediately after the reveal in an edit, following a knowing setup line and before a round of clapping that closes the moment, so the laugh acts as the payoff and the applause carries the scene forward to the next joke.
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This clip is Woody laughing in a short burst that lasts about five and a half seconds, with the cowboy's familiar chuckle carrying the whole moment. It feels warm, mischievous and light-hearted, like a friend who has just seen a plan work out and cannot hold back his delight.