>>44735659The right one is a real beta design found in an internal list of Pokemon containing a bunch of prototype designs that weren't all compiled into the Spaceworld 97 beta. There's a bunch of circumstantial evidence for it having been intended as the box legendary for Silver at one point such as its proximity to Ho-oh in the list and how it's based on a legendary creature just like Ho-oh.
The point the image is making is how Ho-oh is making a pose evoking the strokes of the kanji for Gold in that title screen. In the same vein, the way the Silver kanji is stylized resembles a quadrupedal beast, the top left representing the head and the bottom half representing the legs. Editing that Pokemon into the title screen shows the resemblance.