Start a new document about 500x500, white background.

Use the circle shape tool to create a perfect circle shape. Apply a 2px stroke layer style (Layer » Layer Style » Stroke) of color #B59605 to the circle.

Apply the following gradient to the shape.

The colors are (left to right):
#D8D635 » #FFE617 » D6AD00

- Create a new layer.

- Set foreground color to white.

- Use the selection tool to create a circular selection about 3px smaller than the shape.

- Select the paint brush tool and select size 35 soft brush

- Use the brush to paint inside the selection, just on the top edge of the selection to create a shiny effect. see image on top left .

- Set the shade layer's opacity to about 60%

- Deselect and you should have something similar to the image on the left. This is the base of your face.

Now, to create eyes, mouth and eyebrows, it is really up to your own imagination and skills, play around to get different facial expressions. But here is what I came up with.

- Use the round shape tool again and draw an oblong shape onto the face.

- Then select the "Convert point tool" or pen tool to adjust your shape into a shape of an eye. This require some skills with using the pen tool, so play around.

- After some adjustments using the pen tool, I came to this shape which I can use as an eye.

- Next I apply some grey » white gradients and 2px #B59605 stroke to it.

- Next I add shines to the eye, Create a new layer. Then CTRL+Click on the eye layer to make a selection, then go to SELECT » Modify » Contract and enter 2

- Using the paint brush, (make sure foreground color is set to white), I paint just slightly inside the top edge of the selection. Then set the opacity to 70%

- I then duplicate this shape and the shine layer, then flip both (Edit » Transform » Flip Horizontal) it to make the right eye.

The next step is to create the pupil of the eye and the mouth. I made just a simple pupil and mouth by using the shape tool and draw black circles, you can be more creative and create nice mouths if you're really good with the pen tool.

I applied some bevel and emboss layer style to the eye and mouth so it doesnt look too flat.

Next, I add the eyebrow, again, you can be more creative and create something more dynamic, I created a shape using the shape tool then use the pen tool to modify its appearance.

Once you have the left eyebrow, you can either duplicate and flip to make the right eyebrow, or just create a different eyebrow.

Apply some bevel and emboss+dropshadow to give it depth.

You can try adding some innershadow + strokes to give more details to the face, play around, maybe add an eyelid to the eye. come up with something better than mine.

That's it. Use your imagination and you might come up with some nice smilies.

Have fun!