It’s best to let the official description from the Times Square Alliance explain it all:

Counting Sheep (2011) by Brooklyn artist Kyu Seok Oh with the West Harlem Art Fund — a 36-foot long installation consisting of a flock of 24 hand-made paper sheep designed to invite people in Times Square “to relax, count the sheep and even doze off a little.”

This photo was taken on March 5, 2011.