I agree with Cure and Krumbs - the first was, imho, best.
In keeping with the low coloredness, but moving into more complex shading than that of the original, however, I would suggest only two shades per color - a midtone and hilight. You wouldn't even need an extra for the red in the ears, it being used so sparingly already.
But for the legs,
why is the near leg and arm shaded darker? Shouldn't it be the other way around?