haha, yeah, it's intended as a boy and a girl sprite but the difference is pretty subtle.  On my 'todo' list for a post jam release is better different hair, faces, clothes, hats, etc for the different characters all modeled off they're respective Sega Master System heroes.

Thanks!   
Here's some explanation of the respawn mechanics in case that helps.
When you re-spawn the player parachutes down from the top of the screen.  You can steer her/his descent slightly by pushing left/right.  You can ditch the parachute and jump right into the action by pressing the jump button during your descent.  The player is invulnerable as long as he/she is parachuting.  However, once you either land or jump you are fully vulnerable again.  The general idea is that you have to time your jump or landing carefully to be sure you land safely, which admittedly can be difficult owing to the chaotic nature of the play field.
That said, I'll consider adding some sort of invulnerability that lasts for a short time after you land or abort you descent by jumping.