Okay, here some ideas.
This one is like blocks, but knit in one piece. You could just ignore the teddies and just knit and purl (or whatever) all the squares except for the middle one. Each "block" appears to be 32x40 stitches (not counting the borders). So get some graph paper and make a B and then you can purl those stitches on a knit background. Or duplicate stitch after it's done.
Here's a chart, but the letter may be on the small side. You could center it though and it might be fine.
It's the letter that keeps tripping me up..