Depending on the system used to list them, the 2nd Panchen Lama is Lobsang Yeshe or Sönam Choklang. Strangely enough, the upper half of this image is very similar to a 17th century sculpture of Lobsang Chökyi Gyaltsen, the 1st (or 4th) Panchen Lama published in a previous post.
This earlier sculpture depicts him with a precious jewel in his left hand.
This youthful Panchen Lama is wearing the hat reserved for special ceremonies instead of the typical pointed hat of the Gelug order. He wears a richly incised robe and holds the stem of a lotus bud in each hand. He has the elongated ear of a buddha, his eyes are inlaid with silver and his lips with copper.