Kyle Richards and Mauricio Umansky Reunite in Aspen

Kyle Richards and Mauricio Umansky are showing they're cool with each other during the holiday season.

Kyle and Mauricio were spotted walking through the streets of Aspen on Saturday, alongside their dog. From the looks of it, they're doing some last-minute shopping before the big holiday.

At one point, Mauricio wrapped his arm around Kyle's waist.

Sources with direct knowledge tells us ... K & M have been "very cool" with each other, and that's underscored by the new footage.

Of course, Mauricio has been seen out with a couple different women while in Aspen, including model Eryl Masters. However, we're told it's strictly business between Mauricio and Eryl ... while the two were chummy, Eryl was attending an event along with MU's real estate company.

As for Kyle, we caught up with her just a few days ago in L.A. and asked whether she was going to hang with Mauricio while in Aspen ... she didn't give a clear answer. K.R. is clearly happy to be with her daughters in one of her favorite spots.