as far as monsters in this contest go, this is one of the best. Its not typically cute, in fact, the gesture is cuter than the monster in itself, but that is the reason I like your design so much. its not a creature, but a monster. I love the drawing, its beautiful and very creative. I love that you can see it on the back and on the side. I love the combination of pencil and grey shirt.
But - and you have no idea how much it pains me to admit that - the pink would stop me from wearing it.(I'm sorry, but pink and grey? just not my thing) or maybe its color in general, I don't know. Personally I'm more into simplicity. I'd wear it in a heartbeat without the colored version on top of all, just the drawing on the shirt, exactly the way you placed it. But as perfectly beautiful and professional as the colored version is,(really it is amazing! looks like it belongs into some sort of fantasy game) it kind of throws the whole thing of for me. the drawing looks like it is meant to be a part of the shirt, but the colored monster just looks ... printed on (I know that sounds stupid, because yeah, thats what its meant to be. I hope you get what I mean). its just a very hard contrast. it doesn't blend in. it'd probably fit better on a black shirt.
theoretically I like the idea of a combination between pencil and photoshop, but the way the shoe is placed direct on top of the eye.... it just doesn't seem right.
but thats just me and my opinion. like I said, as far as my clothes go, I'm more into simplicity. I'm actually pretty sure there are a ton of people who love your work just the way it is. so good luck.