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1. Open a new image 500px x 500px white background then add a new layer.  Set foreground color to black and background to nil.
2. Click on the preset shapes tool and choose the eclipse with anti-alias and create as vector checked.   Draw a large oval.  (refer to the picture below)
3. Click on the pen tool and while holding the ctrl key, add two nodes similar to below:

4. Now click on node 1 and drag it down in line with nodes 5 and 6 similar to this:

5. Click on node 5 and push the arrow to reduce the hump a little.   Click on node 6 and do the same by pushing the circle.   Refer to picture below:

6. Click on the new contour button and add 3 new nodes as shown below.

7. Click on node 8 then right click->node type->symetric and drag the node out to the right a little.   Then drag the node down a little.

8. Now drag nodes 7 and 9 on top of nodes 1 and 3.  (You can not add nodes over other nodes.) The lines need to intersect for later steps .
9. Click on new contour button and add 4 new nodes as shown below:

10. Click on node D then right click->node type->symetrical and pull the circle outward then pull the node upward slightly (refer to the next picture for this and the next 3 steps)

11. Activate node A right click->node type->curve before and pull the circle until it has just a hint of an outward curve.  Then drag the node down slightly closer to the body.
12. Activate node C then right click->node type->curve after and shape it like you did for node A.
13. Now pull node B down closer to the body.
14. Convert to raster.  You should have something similar to this: