Girl Talk shares some approaches for having devotional times with children who can’t read yet.
They cover Scripture memory (children often have astonishing memories), Scripture reading (in their case, going through stories in the Old Testament), and other resources that might help you.
Sharing Scripture with your kids is one of the most important things you can do with them regardless of the translation you choose. Philip Graham Ryken briefly discussed one of the strengths of the ESV as a translation to share with children (it tries not to replace concrete metaphors present in the text with abstractions), but ultimately you have to decide what’s best for you and your children, a decision that may change as both you and they mature in faith.
Full disclosure: Crossway publishes Girl Talk, a book by the some of the Girl Talk blog’s authors.