1. It is from an internet meme of something that makes absolutely no sense- a bunny with a pancake on its head*. Some artist (I use that term loosly) started painting celebs with pancakes on their head as a rip off of that meme. (side note, that artist was actually a troll on FreeRepublic**- real jerk, he seems to have a man-crush on Obama**).
2. I think, based on other comments and looking at that again, that is an “ex-pancake”.
*http://ratonland.org/img/articles/bunny-pancake.gif
**http://www.freerepublic.com/tag/by:danlacey/index?tab=comments;brevity=full;options=no-change
***http://www.faithmouse.com/obama_unicorns.html
Amazing how much mileage some things get...