This is the Koosh Micro Bubbles "Tommy" from Nickelodeon's Rugrats cartoon. This is a character with a wand on the screw-off head. A small bottle of Koosh bubbles is provided to fill the character. It also has a string so it can be worn as a necklace.
One of a set of six Rugrats: Angelica, Chuckie, Dil, Reptar, Spike, and Tommy.