The sculptor calls the piece Hope and Renewal

and says:

“In Cambodia, the idea of planting a flower signifies hope and renewal and the flower is a symbol of growth and opportunity,” Garber explained. “So I thought in that area where there are a lot of immigrants and a lot of refugees that it would be appropriate to design something that gives some sense of optimism, of growth or hope, to kind of uplift the community without being too literal.”

Some of the fine citizens of Chicago apparently think it is more phallic than plantlike. Laura at The Sarchasm opines:

I’m not sure I know what the sculpture is supposed to be, but I’m pretty sure it does not remotely resemble any part of the external human anatomy. I think abstinence only education is having an adverse effect on our society, don’t you? What are they teaching kids these days? If you have sex before marriage, your willy will end up looking like THIS!

Yep!
To me it looks like a couple abstract cobra headed golf drivers or croquet mallets and it certainly could be a couple germinating seeds.

What does it look like to you?