Before the advent of cheap carbon-fibre, cyclists would drill components full of holes to lighten them and get a bike's overall weight down. Hence chainsets that look like tea stainers. And so 'O's full of 'oles'.
If you'd like the editable eps and use the character for your project, or smash it up and send me a copy back, mail me. It's rather chunky file-size to host. The edit's I'll feature here as a changelog to track its development.