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Umm...yeah. That's a buckeye on his shoulders. Not a giant head. (Well yes, it's a head shaped like a buckeye, but a buckeye nonetheless)
Like the Craig Shergold thing, we're going to see this chain letter in various mutated forms, even with a snopes.com article and threats from IT to decaptiate anyone who contines to forward it.
"If you don't return this camera, I'll shoot this dog!"
Forgive me if I've misunderstood your comment about the mascot, but I think it's supposed to depict a buckeye, not a student. Here's a picture of buckeyes, and the candy of the same name: http://www.superkent.com/schoolpics/buckeye3.jpeg