It seems to be based in the Hatless link hack. Has the same hair model and texture (at least the pic from barlwbox). It does look better in game cause it gets shading. But im not sure why the texture in the last pic appears to be different, It's like if it was changed. The last texture even makes sense since that looks like a hat and that portion of hair is actually links hat.
So, It should look like the first pic, but not sure why it looks like that on the third.
by the way, im talking based on the hatless link, since they are basically the same hair.
So it is supposed to work right? I checked that hack too, and I still get the same thing.

At least it's still hair coloured, I suppose.