It seems to be a large insectlarge insect:
In his book The Secret History of Star Wars, Michael Kaminski suggests that Lucas likely got the word "Sith" from Edgar Rice Burroughs' John Carter of MarsJohn Carter of Mars series. In Appendix C of the book, Kaminski writes:
Some other likely inspirations from Burroughs can be seen on this pagethis page (and also see this answer which links to a New York Times interviewNew York Times interview in which Lucas seems to confirm that the word "Jedi" was inspired by the word "Jed" for Martian Lords in Burroughs). Kaminski notes that when writing the original Star Wars, Lucas did a lot of research into old science fiction and fantasy works, including Burroughs, and quotes pages 141-142 of Dale Pollock's 1983 book Skywalking: The Life and Films of George Lucas which says:
As Richard notes in a comment, the word "Sith" does appear in some early script drafts from the period when we would have been doing that research, like this draft from 1974this draft from 1974 (other outlines and drafts including the word are mentioned in Kaminski's book as well).
And p. 16 of The Making of Star WarsThe Making of Star Wars provides what looks like a contemporary quote from Lucas about Burroughs as an influence: