The manner of this carving looks Black Forest to me, and the subject of it, too. This wolf clenches a gold ring in its mouth-- which I think maybe relates to Norse mythology. Though carved of wood, the form also evinces that of a stirrup cup, used on a hunt. I like it set tabletop just as pictured, emphasizing the prize-like nature of the ring, but a string or wire could also be strung through a couple of the carved holes along the base to hang it flush to the wall, facing forward, like a protective spirit.

7" tall (as shown in first photo) x 4" widest diameter x 3 1/8" in other direction. Good condition, with light surface wear--c. 1920s-40s I would guess.