The Pig was shown in images throughout Phase 2. It was Russel's pet pig that he had throughout Phase 2. It wears a fez and has pink skin, with black eyes. The pig bears resemblance to Jamie Hewlett's Pig Monster character, but Pig Monster was created after Phase 2, so a connection is not likely.
He is shown several times through-out Phase 2, and can be seen through-out Kong Studios several times. He also makes an appearance on the cover of Roadkill: The Mixtape by Russel Hobbs, stretched over the music controls next to Russel.