Welp, it is not a pink elephant, but a blue elephant in a pink turban and, apparently, with two arms.
Update: This is Ganesha, a Hindu deity, who is "readily identified by his elephant head & four arms." Via Wikipedia, Ganesha is the remover of obstacles & bringer of good luck & the patron of arts, sciences, intellect, letters, learning, & wisdom.
HT to @srfirehorseart & @shom for the info.