This is a mug shaped like a large tiki with two pinup style girls holding on to it that are part alligator. Designed by Candy Weil and Black Lagoon Designs (Danielle Mann).
"Freak Show" on front in tiki's mouth. Banner on back reads "Alligator Girl Part Girl Part Gator 5¢ Guaranteed Real Alive And In The Flesh" and bottom reads "Designed By Candy And Danielle Mann"