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<?php if ($picture): ?>
  <?php
    $user = user_load($user->uid);
    print theme_image_style (
      array (
        'style_name' => 'user-photo',
        'path' => $user->picture->uri,
        'attributes' => array ('class' => 'user-photo'),
        'width' => NULL,
        'height' => NULL,
      )
    );     
  ?>
<?php else: ?>
  <div class="userimage-placeholder"></div>
<?php endif; ?>

OR

<?php print theme('user_picture', array('account' => $user)); ?>