This stencil is actually easier to cut out than the old one is. The gray area is meant to be just a thin layer of pumpkin. I used a small wood chisel to accomplish this. The one downfall to this is that the pumpkin will dry out really fast. You may want to coat the exposed bits of pumpkin in Vaseline to make it last longer.
This stencil is a horrible pain to cutout. It takes a very small precision saw due to all the detail work. I'd suggest you carve my new image which is right above this one (it looks a lot nicer anyway).