My eyes are naturally drawn to the brightest thing in a photo. In this case, it's a snowman head. Thus, in my mind, this is first and foremost a portrait of a snowman characature, with a half-naked toddler as a background.
Lighting is not very good, in my honest opinion. Soft baby/toddler portraits should be done with large diffused light sources that don't leave the hard shadows we see here; Shadows that come off like snapshot quality with the camera's pop-up flash.
Expression on the toddler might be good for the parents/grandparents, but doesn't do anything for me personally. It's not cute or endearing or happy or loving, and because he's looking away, he's not engaging me, the viewer.
The kid's wearing a winter hat and elaborate bib that might as well be a shirt or sweater - but no diaper or pants - this make neither functional utilitarian nor fashion sense to me, and sorry but, no, I don't find it 'cute'.
The selective color doesn't do anything for me either. It rarely does, unless used really well to enhance in a meaningful way, rather than come off as a cheap trick done just because it can be done. At least the colors aren't gaudy, but that's the only positive thing I can manage about it's use in this particular composition.
The soft focus / white vignette isn't working for me in this particular baby shot because, frankly, the kid looks like a brute who's about to throw down on whomever he's looking at. His body is erect and he's even making a fist. This will probably be repeated as he gets older and has to suffer through seeing this paraded out to his future girlfriends by his loving mom. No, use soft focus on a smiling, happy, tender and fragile looking child who appears to need to be cuddled in it's softness. Football players don't get soft focus treatment.
Hand in hand with the soft focus, the contrast is too deep in the middle because the white vignette has turned the shadows gray to white everywhere but in the middle; With that, the eyes are two black pits in a composition that's otherwise shifted to the bright end of the scale. In addition to the body language and facial expression, this introduces a harsh element into this attempt at a soft baby portrait.
I'd personally not count it as a 'keeper'. I'd shoot it again.