Classic Castle gives us a look at set 7953, The Jester.
A nifty little impulse set, the minifigure is clearly the focus.
These pictures seem to suggest that this figure is a reissue of the fantasy era jester (cas403) in a red and white color scheme. The insignia on the belt buckle suggests that this fools clowns around the court of the Lion faction.
A new catalog upload on BrickLink also shows that the head is two-sided bringing both comedy and tragedy to the show.
This brings the jester count up to three if you include Harley Quinn (bat026).
(Picture from BrickLink)