Either a water or silent Realm creature. I was thinking it looked more like a bug than Dragon.
I see......Bulbous lips...? 0.o
Wait a minute! It has Farore's symbol on it's arms!
But the flood in these woods are controlled by flood gates, aren't they?( i've read this somewhere)The water like design could indicate a connection to the flood of the woods.
I hive a wired feeling that we will fight Faron, he might be a really epic boss encounter later on in the game