I think that's a pine marten.

Years ago, I was given a furpiece that my grandmother and mother both wore, it was three pine martens, linked together with true taxidermist weirdness: each was biting its compadre's derrière. Three in a chain. It had legs and tails dangling from all over, it was just bizarre.

This thing naturally creeped me out, and whenever my cat saw it, she immediately puffed up and freaked out.

Admittedly, I didn't get caught up in the cat/ferret question -- I can't figure out what's going on with the back of her head. It looks like the bell for a tiny dark trumpet? Mouseketeer ears? It's quite an odd hat.

[It's a comb. - Dave]

It's making me crazy trying to figure out what part of the dog is curled around her neck. Either that's one long puppy tail, or there's a cat in there somewhere.

[It's a furpiece. Or a very limp ferret. - Dave]

Uh oh...those tiny nails are caught in her sheer dress.