Found over on NicoNico Douga and machine translated via Google… it appears as though this is supposed to be Jason, hockey mask and all. Jason uses a chainsaw to carve Horo out of a rather large piece of wood, and it does a decent job. I’m not sure how long it took him, but in the machine translation there was mention of 3 hours, though that could just as well have been about another carving. Additionally, at the end of this video (Reg. Required) of him carving Mio from K-On! you see the same Horo carving with perhaps more detail and Jason appears to be sealing or painting her.

I couldn’t find a video of him carving the most obvious girl though…

Update (2009-08-27): There’s a higher quality video available on YouTube.
Update (2009-09-06): It appears Jason has done Nagi now, Part 1 and 2.

-Aka