No, I can't tell what it is either.
I did a workshop with Gavin Fry last week. We all had a great day with lots and lots of hand stitching (despite me being utterly useless at it - I have all the wrong sort of needles and threads, and don't know any fancy stitches).
After a day's hard work, I came home with this little object. It is unfinished (I think that's obvious). Gavin had a lot of stitch on his little sculptures, and they were not quite so bulgy as this little creature.... I think some goggly eyes stuck on the horny bits might do the trick, as it has been sitting on my desk staring at me.