Yes, this is what it looks like. A toilet paper holder that features a pedaling bear on a bicycle. Hard to imagine this matching anyone’s bathroom decor, with the exception of maybe Yogi Bear & Boo Boo.
Believe it or not, this is not a homemade ceramic piece. The incised lettering on the bottom identifies this wall plaque as having been produced by an actual company, Apsit Bros. of California (and Remulak?) The Bros. must have been having an off day the day this chalkware piece was made. Either that, or the piece was intended to be marketed to an otherworldly (or outerworldly) audience. 
Odd Yard Sale Finds 