I might guess that this watercolor was done by the mother of this child, perhaps made for her husband, who perhaps was away, or for a friend without children, and I would think done with no small dose of irony. Who knows? Now though, on its own, the text in combination with image might be read in all sorts of ways, including perhaps as expressing the sentiments of the baby, sucking away on what I take as a pacifier. I'm pretty delighted by those two locks of hair standing straight up, and the great blush consuming this very Gerber-esque baby's cheeks and most of all, ear!
6 1/2" x 5 3/4" and in very good condition. Earlyish 20th century I believe.