No doubt I'll end up being almost-flamed (and probably disbelieved) by the follower of Onan for saying this, but that is definitely meant to be a picture of Odin - that's why he's only got one eye. Its the sleeve of Mr. Cope's Odin (not Discover Odin) album that gives it away, it's described there as the "Odin illustration by William Falkenburg from Sir Lord Baltimore LP 1970".