It's a malformed homonculous, which the ladies won playing poker earlier. They are dividing up the loot and no one wants it, since it pees freely and wimpers all the time. What they don't know is that it is also very lucky (+1 to all saves if you have it on your person, preferably diapered). The wimpering ruins any chances of moving silently, though, and the pee attracts slime monsters. Obviously the Flame Princess draws the shortest straw and ends up with it.
I should have posted an entry earlier, because, try as I might, I can't think of anything better than Trippo's entry.
That is one gorgeous piece of art!