Can someone help me & turn this image into a limb overlay?

hello!! i urgently need help.
i really need someone to cut out the red circle of the character and turn into it a png image (overlay)! thank you in advance & credit will be given for sure <3
here it is the original image and the one i try to explain what part i want to be cut it out:

I can do it😇

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please! i’d be very grateful!

Here you go🤗

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