This is a container of Soap.
It was only released in England, and is by Matey. The 3D figural container shows Sonic standing on the familiar red spring, which serves as his base. His head unscrews and covers the cap to the bubble bath which is inside. (I wonder what it smells like?) The spring surface has the Sonic logo.
For the time, this is a pretty good rendition of Sonic, especially considering that his head must be removable, and that the whole thing is basically a complex jar.