Gradient?s parameters:

Creating emoticon in Photoshop CS

Blending Options-Stroke

Creating emoticon in Photoshop CS

Make a copy of the new made layer and make use of the Free Transform option to increase it a little and place it the way you may see below.

Creating emoticon in Photoshop CS

Using
the last instrument, it?s possible to draw one more circle.

Creating emoticon in Photoshop CS

Blending Options-Gradient Overlay

Creating emoticon in Photoshop CS

Gradient?s parameters:

Creating emoticon in Photoshop CS