A lot of laws have changed since 1961. And it's pretty obvious which one in that list is the odd one out.
Oh, and I believe Mr Johnny Cupcake himself has something similar...like a Joker design that is awfully close to looking like the Joker from Batman. I haven't heard of DC Comics coming after him.
Johnny Cupcakes has a
lot of parody designs of trademarks. Nike and Batman are two of the big ones, but he's done others.
The problem is there's what's right, and there's what's legal - and they're not always one and the same. Ethically I have no problem with what Johnny does. Legally, he might not get away with it forever.
As the commercial viability of parody has expanded, and it's less about free speech and more about making money, the courts have been shrinking its ability to be used as a defence.
Personally I think things are unclear right now. Many businesses (especially new design entrepreneurs) are still operating on the old parody case law, but there seems to be a turning tide. On the other hand, words like "seems" and "turning" certainly apply - it's not like everything has changed clearly and emphatically. Parody is an open question right now.
Political parody is an easier matter though. I think you'd still be on safe ground there (including things like a defecating donkey), but I'm no lawyer.