Heat oven to 350°F. Cut cookie dough into 4 equal pieces. Work with 1 piece of dough at a time; refrigerate remaining dough until ready to use.
Cut 1 piece of dough into 10 equal portions. Using 1 portion for each cookie, shape dough into 1-inch ball for body, 1/2-inch ball for head, 4 (1/4-inch) balls for arms and legs, and 2 smaller balls for ears. Arrange balls to look like teddy bear shape on ungreased cookie sheet. Repeat with remaining pieces of dough, placing cookies 2 inches apart on cookie sheets.
Bake 10 to 13 minutes or until set. Cool 2 minutes; remove from cookie sheets. Decorate as desired with icing.