Creating PRINGLES logo

Create an ellipse using elliptical shape tool.

Create another ellipse with white color, using elliptical shape tool over the first ellipse.

Select add point tool and add 2 points on the elliptical shapes shown in the image below.
Select convert point tool and click on the top point. Now select the point we add in previous steps and drag downwards. Adjust the handles.
Create 2 circles for the eyes.
Using pen tool create one side of the moustache.

Select brown color and add details to moustache.

Similarly add details to the hair using pen tool with same brown color.
Select the black moustache layer along with all brown layer. Duplicate and flip horizontal.
Using pen tool create eye brows.
Create a new layer. Select a 3 pixel hard brush. In path window click on stroke path with brush button.

Create a black rectangle below the mascot. Type "PRINGLES" with yellow color.

Select and merge the rectangle and the text layer. Create a rectangular selection using rectangular marquee tool to cover only "GLES" from "PRINGLES". Press Ctrl+Shift+J to cut and paste the selection in a new layer.
Select the layer containing first half of the rectangle with text. Press Ctrl+T. Right click the layer and select perspective. Get the shape shown below by dragging the handles.

 

Similarly select the layer with other half of the logo and warp as done in previous step.
Select all layers. Press Ctrl+T and rotate in anti-clockwise direction.