It's a cake shaped like a Baneling. I wonder if it's creator entered it in a competition of some sort...
I vote for nr 2.. LOL @ the tags xD Didn't we have "baneling cake competition," in big letters in Tag Cloud?
cake > pie The first one could be anything really. Make a green mound, call it a baneling, and everyone sees a baneling. The second one is quality cakesmithing, and it's a shame it's only made of cake and not something more permanent.
Props to Lobsterlegs for actually getting the reference I made. A while back the tag cloud always seemed to have the tags "Baneling" "Cake" and "Competition" appear as the biggest, and always right next to each other. Eventually the tags got removed because people would add the aforementioned tags to their (space junk) posts, which made it difficult to find anything actually relating specifically to the Baneling, cakes, or competitions.