The mask was cartoonist Peter Brookes's comment on the ongoing sex abuse scandal and printed in the paper's Opinion section.
The cartoon sparked a mainly negative response on Twitter, with several readers believing the piece to be inappropriate.
"Shame on The Times for printing a Savile Halloween mask. Not a topic for fun and games," said Milly B.
Nikki Haunt agreed: "Wow @thetimes, way to be utterly and astoundingly crass and insensitive - a Jimmy Savile mask? Really?"
"Oh well done Times *slowclap* Jimmy Savile mask. How FUN," added stabbers.
"Someone just said The Times have a cut-out Jimmy Savile mask today and I said haha god don't even joke. oh. but wait," said Sophie Heawood.
Lynsey Morris said: "Pretty shocked and horrified that The Times have run this #poorshow"