sooooo cute! a little droopy in a pitiful kind of way, which makes it adorable.
anyway, start with the nose-a uv sphere, scaled in the x a little. then the head, use head modeling. The arms and legs and torso are good candidates for a rod as a start. use vertex groups (see the wiki) in case you want to animate and/or split off (like you decapitated him inthe photo!). Use your reference pics as backgrounds when extruding, The ears could be extruded bezier curves, or converted to meshes and beveled.
The journey of a thousand miles begins with but a single step.