Much improved pillow-shading elimination. Nice touch with the shine there too.
The crease in the forearm/bicep area seems to not know where it's going anatomy-wise. Are you emphasizing the roundness of the bicep or the upward curve of the forearm muscle down toward the elbow with that extra pixel?
I mention that because single isolated pixels like that are not good to have unless they clearly express some important feature. You have another on the wrist and you should either get rid of both or double them up into a 2px wide cluster. Either would be workable, but neither place on the nearest visible arm is clear enough as-is with that single-pixel floating without a clear purpose.
The one other thing that bothers me is the lack of a clearly discernible ear (could be, in part, due to the distance the chin line goes back past where the ear should be and outlines the head like it's a separate piece barely attached to the body. ;P)
And while we're talking about the head -- the hair swoop above his forehead just seems to move around without any influence from the physics of his body and the movement of his head. It gives the appearance of sorta 'combing itself' forward during each loop of the animation. I know the dude is stylish, but unless there's a disembodied comb up there automatically combing his hair as he moves it out of place (which I admit would be fracking hilarious), it really does look off.
Finally, the medium and darkest hair and medium skin tones really do need to be lightened up -- otherwise this sprite looks, at first glance, like it has only 2 colors per part (not including the black outline and transparency).
