At first, I thought the eyespots were on its head.
A closer look reveals that its head is actually very small and the two big eyespots are on its back.
I can understand why this strategy works because no matter which angle you look at the caterpillar, its two big eyes are staring right into your eyes. Very scary indeed!
Unfortunately, I haven’t been able to identify the caterpillar. Any suggestions are appreciated.
More images at Google+