LEGO LOTR Achievement Icon "... And away he goes, Precious!"

Can anyone tell me what this icon is actually showing? It's for the following achievement http://www.xbox360achievements.org/game/lego-lord-of-the-rings/achievement/73761-----And-away-he-goes--Precious-.html

Original:

I've highlighted what I think are eyes and I'm guessing is the Ring, but apart from that I can't work it out. It looks kind of like Squirtle.