Devil-Jumbo fraternity yard decoration?

So I was preparing to write a blog post about fraternities and
sororities. My yet unformed post was something about the long history of Greek letter societies at Tufts, their beautiful houses on Professors Row, their parties, and of course the information and images we have of them in the Tufts Digital Library.
Then, I was stopped cold by this picture, and I have to simply ask: can any one tell me what this is about?