Hello again, I've come to smack you over the head with more critiques.
First the good:
1. The background trees look much better than the first version
2. Spanky can now walk from one end of the level to the other without getting stuck on the scenery
3. The particles on pickups are slightly improved
4. I no longer experience the animation bug
Now for the crits:
1. I hear no sound at all. Do you have the sounds as external files that you forgot to add to the .rar?
2. The water does not wave at all for me. It is perfectly still.
3. The level design lacks variety now that you've taken out the ledges.
4. When Spanky dies, his body just stands there while his ghost goes off to heaven. Perhaps make a "fall to ground" animation where his eyes are closed, or have x's over them or whatever.
5. The ghost is always facing left no matter which direction Spanky is facing when he dies... it should be facing the same way as Spanky's body.
Some minor things that you may consider changing:
1. Even though the trees are better than before, they still feel a little gloomy.
2. When holding both the left and right keys, Spanky always favors looking to the right.
Other than that it looks like it's coming along. The framerate is pretty decent, but then again your wavy water effect does not appear on my machine (and yes, I have ps2).
Oh, almost forgot. Your app icon appears to be corrupted on my machine:
Unless it's supposed to look that way. The first one was like this as well.