Crear imagen dinamicamente y agregar a un objeto swing

    private Image creaImagen() {
        //imagen en memoria
        BufferedImage img = new BufferedImage(48, 48, BufferedImage.TYPE_INT_ARGB);
        //
        Graphics2D g2d = (Graphics2D) img.getGraphics();
        g2d.setRenderingHint(RenderingHints.KEY_ANTIALIASING,RenderingHints.VALUE_ANTIALIAS_ON);         
        //circulo
        g2d.setColor(new Color(101,193,238));       
        g2d.fillOval(2, 2, 44, 44);
        
        //circulo borde
        g2d.setStroke(new BasicStroke(2.0f));
        g2d.setColor(new Color(12,89,183));       
        g2d.drawOval(2, 2, 44, 44);
        
        //Poligono
        g2d.setColor(new Color(50,149,218));       
        g2d.fillPolygon(getFlechaP(11,15));
        
        g2d.setColor(new Color(255,255,255));       
        g2d.fillPolygon(getFlecha(9,13));        
        
        return img;
    }

    /**
     * coordenadas de una flecha
     */
    private Polygon getFlecha(int px, int py){
        Polygon flecha = new Polygon();
        flecha.addPoint( px, py + 6 );          
        flecha.addPoint( px + 16, py + 6 );          
        flecha.addPoint( px + 16, py );  
        flecha.addPoint( px + 30, py + 11 );  
        flecha.addPoint( px + 16, py + 22 );  
        flecha.addPoint( px + 16, py + 16 );  
        flecha.addPoint( px, py + 16 );  
        return flecha;
    }

ImageIcon icon = new ImageIcon(creaImagen());
jLabel1.setIcon(icon);
jLabel1.setText("Hola Mundo Cruel!!!");