If your child is too young to read, then why not allow your child to look at the pictures of the book and make up their own story? Ask them to "read" the book to you- with their own story line. I am always fascinated by the way children make up beautiful stories based on picture books. It helps build their confidence and creativity. 
While cuddling up to a parent or loved one and being read a story book is a wonderful feeling- so is listening to your child make up stories.