"See the circle? It's an O, so that stands for 'Oh.' The deer means 'Dear.' And see the cross with the lines radiating out? It makes you think of what? God. So the logo means 'Oh Dear God.' Get it?" But then I spoke to my new friend Kate over at Jägermeister, and bragged how I knew the deal. She said, "Not true." - grant fox from Bookmarklet

Jägermeister = master hunter in German. That should explain a good portion of the label. - FFing Enigma (aka Tina)

after the jump there's a more detailed (and accurate) explanation of the origin of the logo, from a Jagermeister employee. - grant fox