Well, I bought Nunu and cookie monster skin because of the huge buff to Consume and love him as a jungler. Here is my unique take on this build:
Red: Attack Speed
Yellow: Attack Speed
Blue: Flat CDR
Quints: Attack Speed
Masteries: 9, 0, 21
Summoner skills: Exhaust and Smite
How to play (make sure you have Cookie Monster skin on)
1. Buy Vampiric Sceptor
2. Skill Blood Boil first
3. Go jungle (Wraiths/Wolves first)
4. Skill Consume when level up
5. Now with Consume, get Golem
6. Level 4 now, go gank lane
7. Continue jungling and win game
1. Vamp Sceptor
2. Turn Sceptor into Wriggle's Lantern (gives 500 dmg minion, more life steal, ward, damage, armor, everything)
3. Next buy Glacial Shroud for CDR, mana and armor
4. Next buy Hextech Gunblade
5. Next buy Madred's but this is very late game
Nunu with new Consume is a much better farmer than before so this item build isn't unreasonable at all during a normal 35-40 minute game.
This is a different take on jungle Nunu and I find it fun to play. Ice Blast is not used for significant damage in this build; it's used for its epic 4 second slow. You can do pretty good DPS with your auto attack + Blood Boil thanks to your AS runes and items. The new Gunblade is perfect because it adds significant AD and AP so your AP skills still hurt.
I was thinking about a critical strike item in there somewhere but I dunno.