This variant of "明" comes up a lot. I found it on a picture of a CD today:
I also found this on the
Chinese Etymology site:
This apparently has nothing to do with the creation of the peace sign. However, I think the seal form of "莔" would work as slang for the deer-in-the-headlights expression (or sodagreen's Qingfeng singing with antlers on his head):
Or perhaps it should have a Manchu hat on top and then it'd resemble Xiao Yanzi from the TV show "Huan Zhu Ge Ge."