How should I model it?

To get some practise in modelling characters, I want to model this little guy from this model sheet. I, however, can’t think of the best way to go about it. What are your recommendations?

There isn’t really a “best” way. Depends what you’re most comfortable with.

The character is quite basic other than the head and tied sweater. You could create the body with the skin modifier and either sculp or model the head and hands. Clothing and accessories are pretty basic so you shouldn’t have any problems there.