Old Mother Demdike - she was a bit of a Nutter (sorry - witch joke)
Looks more like Woden to me, the green man usually has lots of foliage, whereas yer Woden often looks a lot like Father Christmas.
I wouldn't be surprised if the quarry has some eccesiastical connections - Whalley Abbey, for instance isn't all that far away. this is exactly the kind of carving that used to decorate Abbeys and medieval churches. Probably realised they were making one too many or there was a cash flow problem or something.....
Its fairly common for ancient quarries to retain stuff like this - e.g. there's a roman quarry of red sandstone at Brampton from which large amounts of Carlisle was extracted. Somewhere in the quarry, there's some roman graffiti... The quarry is still a good eighty feet high and retains ancient chipping and wedge marks.