"E. T. 2" is an immensely excellent short film; it comprises a mythologically consolidated narrative which is memetically compressed and encapsulated by my selected OP image.
The OP image's author hacks Deleuze with Bataille: schizo-death via narco-capital: Nick Land provides a virulent nihilism grafted upon mad black Deleuzianism (essentially a philosophical mapping and foundation for analyzing "E. T. 2").
"E. T. 2" begins with a lonely Eurasian man roaming an unidentified city and lamenting his torturous loneliness. An extraterrestrial space-craft crashes as intentionally bad special effects satirizes low-budget science-fiction.
The Eurasian man (comically Naruto-running) approaches alien wreckage and discovers its extraterrestrial erstwhile occupant.
The extraterrestrial reveals his history: he was chased from Earth and thereby never experienced Human life and its innumerable pleasures. The Eurasian man asks if E. T. will become his friend. E. T. acquiesces insultingly.
E. T. begins his tragicomic trajectory: E. T. requests: "Show me a good time: sex, drugs, and women".
What follows is an Aronofsky-esque montage depicting E. T.'s ascension: his life reaches an nigh incomprehensible zenith: intoxication, prostitute-utilization, and friendship. The montage perfectly encapsulates E. T.'s ecstasy and life-maximization.
Yet E. T.'s satisfaction is non-culminated and his thirst for life is nigh incalculably insatiable:
"We can take over the crack game. We can sell the coke on our own." E. T. imperiously intones.
E. T. prepares for his joyous building of his narco-empire and receives a warning regarding these aforementioned narco-imperialistic aspirations.
Another montage commences and encapsulates E. T.'s final orgasmic life-maximization before his demise. The montage is tragically tinged as it depicts E. T.'s coke-snorting hyper-intoxicated apex and his fall's origination.
Temporality and causality are momentarily engulfed by E. T.'s life-maximization as an epic trap composition resounds rapturously.
E T's annihilation actualizes as a primitive Human aggressively brutalizes E. T. as retaliation against E. T.'s narco-imperialism and xeno-encrypted insultation. As brutal blows crash chaotically against E. T. he realizes various philosophical revelations which majestically mapped upon his own terrestrial-experiential experiences...
>"We are born to live. From the moment we are thrown into the universe, we breathe, eat, drink, procreate. It is what we do as living organisms."
E. T. realizes and simultaneously accepts reality's directionless chaos and nihilistic biological imperatives as organic origination.
>"But why would one procreate, let alone find a reason to stay alive, without something to stay alive for?"
E. T. becomes anti-nihilistic: if intrinsic meaning is not reality's inherent nature, then it must be discovered for justifying continued existence.
>"We as humans don't stay alive for the sake of survival , but rather for things that bring purpose; religion, art, music, love. in a endless oblivion of darkness and space, humans are the only species primitive enough to care, You must do what you love."
E. T. finally understands humanity as organisms driven by empyrean purpose rather than mere survival.
>"The best things in life will always end in conflict, that is why we humans are primitive."
E. T. believes life without conflict wherein sheer survival is its sole imperative is not life at all and thereby justifies his narco-sexual life-style of life-maximization.
His philosophy culminates as he intentionally induces annihilating delight of nigh incalculable immensity via over-dosing on cocaine: a fate which may initially appear tragic but was accepted as true life's price by E. T..
The trap soundtrack of "E. T. 2" is also enormously excellent.
Here is "E. T. 2" for your cinematic and analytical enjoyment:
Good analysis, OP. However, I would like to get deeper into E.T.'s relationship with the Eurasian man.
To begin with, the matter of the human's race is important: he's a mongrel, not one race or another, and likewise his sexuality is as mixed ("filthy"), and so with his humanity. It's not coincidential that he becomes friends with an alien--it is actually the only possible conclusion for him to connect with some living on the outside.
But that friendship has concequences: firstly, he contracts space herpes after having sex with E.T. It is pretty clear that their intercourse is actually also the only possible true intercourse for them, despite not being homosexual, as in their attempt to obtain the female subjectivity they lack, they have only objectified femininity.
Likewise, when E.T. goes missing, it is a doppelgänger of the Eurasian dressed in pink, representing not necessarily his homosexuality, but his soft, penetrable side (like the vaginal or the anal), that searches for him in plead; ironically, he's asking for an alien, being an alien himself, looking for himself.
It becomes obvious then why the Congoloid man becomes so easily enraged when the alien questions his sexuality--not an incidental ad hominem, as his relationship with the Eurasian began in the same way--however unlike the Eurasian, the Congoloid can only reject being called a "faggot"; i.e. lives in fear of his inner, "pinker" side, and so becomes incapable of embracing that which is alien, for good and bad.
It is only through this rejection, the rejection both E.T. and the Eurasian are so accustomed to, that the meaning of life can be found; but not before coming into contact with another reject, a mirror of their own. So the Eurasian is given Truth by his friend, but that Truth is also a reflection of himself; therefore the film ends at a before-skipped, but essential, scene: the touching of the Alien Phallus, in which E.T. shows his true penetrative nature, as a representation of the unknown ingressing into normal life and dirtying, therefore creating new life (and therefore death) once again, in a xeno-paederastic relationship.
 A meta-callback to Proust who was said to make prostitutes torture rats as a way to show them perversion which they weren't accustomed to, E.T. becomes the "ride" and the "rider" (a through bisexual, also referencing the Frenchman's sexuality).
 A reference to end game Naruto, in which the protagonist friend/lovers are revealed to have been, all the time, the incarnation of two eternal opposing demi-gods, descended from extraterrestrials.
 A reference to E.T. causing the end of North American domination in the videogame market due to bad production, that is to say glitches, signifying incompatibility with present reality-systems.
 Much like humanity is expected to be children in comparison to space-faring civilization.