I don't even know what to think of this!

 Erm... That thing doesn't even look like a pit bull.. Looks like an experiment gone wrong.  *shiver*

That picture freaks me out.  But I saw somewhere that someone said it could be a partially decomposed raccoon.  They superimposed a raccoon tail and put comparison pictures of a raccoon skull.  It was pretty convincing.  But, my opinion is the whole thing is some kind of crazy hoax.  Some guy just walked off with it?  Yeah, right.

Could this be a hoax? If it is real then has anyone actually got the carcase or samples of it, this to do veterinary examination including DNA examination.
 
Oh I just now see it's been listed on the snopes site as "undetermined", and the Montauk Monster is reportedly rotting in the backyard of a local resident who remains unidentified by the creature's finders, where all we seem to have as proof is a photo where that just maybe a hoax and remember years ago there was photos of Bonzai Kittens and it was a hoax, anyway here is snopes link
http://www.snopes.com/photos/animals/montauk.asp
.