Those bubbles are really cute. It does remind me of the days when I was a little kid and blew them up all the time. That now sounds dirty. I'm not sure if this guy is supposed to be any specific character. He looks like just a representation of your work. That's quite appropriate for the bubbles.
The bottle looks like a giant tube of lipstick. So is this supposed to be a horse man? You said the design was based off a horse. I don't know if I've ever seen him flesh colored like this before. He does have many appearances.