>>1016097
Results (mine are probably 2x resolution of the original, but you get the idea.) Keep in mind that this was done in ~20 minutes. I think the original sprite looks better, especially when the sprites are scaled to a very small size. But, if you take time to develop the style and refine your models, you can probably get something that looks nearly as good as the original. Nonetheless, it gives you an idea of how to go about it.

For a 16x16 sprite, you're probably going to have to do a lot more manual cleanup and editing of the sprite to make sure it doesn't turn into a mess after scaling it. You might even be just as well off hand drawing it.