Well... could be the breath!!! LOL! Great job!

The woman looks great, not so sure about that horse, though I am not clear on what you are going for here. The one thing about Poser that irks me to no end, it seems there are lights inside characters mouths. The inside of the mouths are almost always rendered without shadow.

Enabling Ambient Occlusion for the main light kills most of that :) Overall it's pretty dark (may be my monitor) and it's tough to make out any detail in this version. The blood red background is very strong, would be great if the foreground were a bit more visible to go with it.

I do like the changes from what i can see on the horse, the shinyness is gone, and the depth is spot on. It is as said above a little dark, so the hard worked detailings of the horse are slightly lost. A little more light on the subject would showcase your wonderful endeavors.

A tad more light on the subject, possibly a light or medium red spotlight if you want to keep the overall redness intact. The hrulgin is well done. When I read the Belgariad books, the Hrulgin creeped me out the most because they look, and sound, just like horses. Until you see their claws and fangs. By then, it's usually too late because, like horses, hrulgin travel in herds led by a stallion. :)

There is no point i cans y which one is not sayed. Love the idea and the colors. Great expression.

The horse's eye is extremly bright. It is too strong of a focal point- forced me to look only at it and took a while to realize there is more in the image... Perhaps would be fixed by making the horse less dark,as suggested already.Composition - you have the begining of very nice dominant diagonals (The horses head, the steam from its nostrils, her necklace,tree branches) you could enhance this, creating a strong dominant diagonal. You would need to raise the horse and/or lower the girl so there is the diagonal leads from top of its head to its mouth,through its breath to her head and then neck. The overall atmosphere suggest to me magic and mystery,which I like. Her expression might be "calmed" a little bit to be consitent with the air of mystery. (Sorry,didnt see the first version,hope I am not contradicting what you already changed)

Much better than the 1st one. I agree with ArtPearl that the eye does seem too bright. I am confused (already was in the 1st one, but now this was intensified) as to what's happening here exactly. I mean, what emotion is the girl going through? Is she afraid? Horrified? Laughing? Because her pose is neutral, the only way to perceive this is by her expression and it's not clear. Because of the neutrality of her pose, I would say that she is laughing, perhaps. If it was your intention to get this duality of perceptions and get the people thinking, than you succeeded, at least with me! :-)