The top of the S is some sort of long-neck bird, and the bottom has a little green-faced guy sticking out his tongue!
Hard to see here, but I have used blending filament around the initial. I wish it was a little brighter.
Then, the entire thing was outlined using a back-stitch.
Next I will be moving to the right, finishing up the first line, and some scrolls that are over the first line.
This looks as if it will be a bit less complex, so maybe I can make some quick progress.