No comment on this one beyond saying it's probably not a CGI effect and bears a passing resemblance to this picture taken in Italy in 1993, primarily in the shape of the head and eyes. But no more than a passing resemblance.
Some people apparently have waaaaaaay too much time on their hands...
On the bright side: The animator did a very good job in executing the model's motion, perhaps too good, considering Greys are reported as having robotic movement. Unfortunately, whomever was re-recording the image off of a monitor caught the edge of the screen that the image is on at 0:04, and also catches a reflection off the screen shortly before that (evidenced by the fact that it's a different colour than the rest of the image). This could be explained away as having been shot through a window, but the camera pans around the creature twice during the video.
...good points - plus why, if you knew you were filming something alien would you shut the camera off after 18 seconds?