It's good that you decided to stick with it. This however, suffers from anatomical issues as well, and since it's not obstructed by clothes, the errors stick out much more than in the other sprite. You're inventing muscle groups everywhere, especially the lower arms and crotch and legs. He's also completely off-balance. What I suggest you do is pick up an artists's anatomy book, and study from the ground up. No amount of pixel-tweaking will help directly at this stage.
The hard way to help yourself would be to not study anything directly, just keep drawing iterations of the same strange muscled people, until either of the two things happens: a) you get gradually better as you find your own errors, or b) you don't get much better in that front, but get better in others sufficiently until everybody thinks the strange anatomy is your 'style'. The former way just takes years you could shave off if you buy ONE book and instensively study for 6 months. The latter is just artistic death, in my opinion.
If you'd like, I could edit this to make it more or less correct ( I'm not a master of anatomy or anything ) but as I said, I'm not sure it's going to help to study step 12 when you're one step 1 right now.