Here is my tutorial of how to draw chibis.
1 - Draw a big circle, a small triangle below and then a smaller circle.
2 - Draw a curved shape at both sides of it. Those are the legs.
3 - Draw one oval-like shape at each side the 'belly' which is the small circle.
4 - Draw a smaller oval, which are the hands.
5 - Body shape is now ready. Fix mistakes.
6 - Draw guidelines where you think you will need them.
Color Key for the picture:
Step one: Green
Step two: Red
Step three: Light-blue
Step four: Mint
Step five: N/A
Step six: Pink