The arms seem a little long tough, maybe shorten them one or two pixels.
His groin should be more outstanding... hum... that comes out wrong.
What I mean is you could try giving his belt-buckle an outline or change it's colors to increase the contrast on where the vest ends and where the pants start.
The beard seems good, but now it's merging with the vest collar. It could look like that, but it's more like a sheriff beard other than the first you made. Try changing the black pixels under his jaw.
I changed my mind about his hair though. Either you can stick to the old (shaved) design or you should fill his hair completly and give it a dark outline. When it's dithered like that it rather looks like a beanie on his head.
I like where this is going, I'm thinking resident evil when I see your sprite. Keep it up!
EDIT: I gave him a little more butt and belly. Don't mind his hair, unless you like it. His beard however, I just removed 2 pixels of black and added some grey. I think it stands out better.
What are you lookin' at, Punk. Come to think of it, his legs maybe needs some more pants. It looks like the hind legs of a dog/horse
(but that's my fault aswelll)