First of all: I like it. That's an awesome dude.
Second: Hm... the two color choices...
While the first colored one looks a little more familiar, and a little more monster-under-your-bed-ish, the second's color scheme is contrasting, thus making it look more alien.
I must say, I like the first colored version better, but, hey, that's just my 2 cents.
I especially like the effect with his fur, or whatever that is.