There's lot's of background on this story as well as drawings at JW, Big Goverment, Atlas, Michelle Malkin, and Hot Air has a poll. Check out the Draw Mohammed facebook page, and there's the Everybody Draw Mohammed Blog. Zombie has had a huge archive of Mohammed images ever since the Danish cartoon debacle.
Here's my interpretation. It features Mohammed threatening to shoot an infidel with a "religion of peace" ray.
OK, it's not really a drawing, but I was drawing Mohammed three years ago to mock Gary Trudeau who said in an interview that he wouldn't potray Mohammed. Click the link to check it out.