I find it interesting that everyone tries to have the picture adhere to book 2 when:
Voldy didn't even have a body then.
Also, from the curling of the hair it seems to sprout from his back (wing-like) holding UP the umbrella.
I concur that its possibly a symbol for his posession of ginny:
He controls (main body, shown as later incarnation to clarify character)
Ginny is the go-between (his puppet in the form of hair, manipulating the outside world)
The basilisk is the executive force (the umbrella itself)
For the notion of the eyes being red, possibly artistic license or the movie:
Might be wrong, but here the eyes look quite red, so maybe its based on this.