Excellent stuff. But I definitely agree with one of the earlier posts in that the first drawing is better. The washed out look of the original ghost is creepy in a pleasantly chilling sort of way. The second picture puts too much emphasis on the ghost's features and takes away from the overall effect.
Which is why you should never change a drawing once its done, regardless of how picky your viewership is.
I like both images for different reasons.
The first one, like a few posters noted, has a ghost child that adds to the atmostphere of eerie undead goodness (the hand posture, like a previous poster mentioned, can kind of look like a tao monk gesture).
I like the hand grasping the dagger in the second picture...don't ask me why, cause I just like it better than the first one. It looks...better, more real (the angle of the blade and the hand holding it seems...just right). The ghost child is more vulnerable looking but doesn't add as much mystique and chilliness like the former version...which is cool in its own way.