Whatever the logo I think it is important it can be "iconified" (ie. recognizable in a small square). I don't think we can shrink or crop any of the suggested logo so that when you see it in an icon you can say "Yeah this is the same, this is funtoo".
I also think that before trying to design a logo, we should find the values we want to highlight and instill through the logo. To me, funtoo is kind of a gentoo (the fastest penguin) but with fun too. So theses are the values I would highlight
- fun and flexible (in contrast to straight): curves rather than straitght lines and angles
- light and fast (gentoo): colors that evoke something fresh or smooth
I imagine a penguin sliding very fast on the belly or on skis. I think roughly the shape of the left penguin on the following picture would make a perfect logo.
To me, this is funtoo.