Arnold Schwarzenegger's New Haircut -- It's a Total HIT ... Ler

Arnold Schwarzenegger is partying like it's 1942 ... so says his new haircut.

The Guv was leaving some event in NYC on Thursday, when he showed off his shorter new 'do -- which at first actually looks pretty decent ... but then takes a turn for the worse once the weirdly buzzed sides and interesting dye job meet to reveal an unfortunate bald spot.

When it comes to hair fashion, Arnie will always be number ein.

Calls to Michael Jordan's mustache were not returned.