WATCH: Will Ferrell's hilarious return to SNL as George W. Bush announcing another presidential run

Will Ferrell returned to SNL for the cold open Saturday night with his hilarious dead-on impersonation of former President George W. Bush announcing his candidacy for the 2016 GOP presidential nomination.

“This is an important day. I've made a big decision. I’m entering the race for the President of the United States of America,” Bush said to applause. “The field of Republicans out there is so messed up, I figured it makes you miss me, doesn’t it?”

Bush then ticked off each of the current top tier candidates, including Ted Cruz, Marco Rubio and Ben Carson -- but saved most of his derision for "this knucklehead" Donald Trump.

“I’ll tell you something, when I get in a bad mood, I just picture his big fat orange Oompa Loompa face and I just piss my pants,” Bush said, laughing uncontrollably every time Trump's face popped up on the screen.

He even took shots at his own brother, Jeb Bush, saying, “You’ve got to admit, it's a pretty good plot twist that I turned out to be the smart one.”

Watch the video below from SNL: