Loving the premise, making the punishment flowing down the river instead of falling down is such a smart idea, I wish I'd thought of it! Really cute artstyle and I like the gameplay. Like a couple other people said, would love maybe the arrow to grow or change colour or something with the jumping, and even though the down-rezzing works well, maybe Peepo and the arrow could be a bit clearer if they didn't have as much anti-aliasing?
Overall, solid idea and great execution!