Philosophy of the current mirror
Initially, the concept of replicating a current using a current mirror might seem redundant. After all, why duplicate a current when we already have one at our disposal? This is similar to questioning the need to duplicate a voltage source.
Here are a few reasons why we use them:
A current mirror is a perfect current-to-current converter whose input maintains a constant voltage and whose output maintains a constant current. Therefore, we can drive it with an imperfect (resistor) current source and connect a varying load to its output.
A current mirror reverses the direction of the current. According to our understanding, if a current enters a device, it should then exit it. However, with a current mirror, both the input and output currents are either entering or exiting.
The current mirror has very low voltage losses across its output transistor (very good compliance voltage).
How to make current mirror
A transistor (FET, BJT...) is a voltage-to-current converter. If we connect the drain to its gate, we force it to start acting as the inverse current-to-voltage converter. By connecting a "reverse" and "normal" transistor one after the other (cascading), we obtain a current-to-current converter or current mirror. Interestingly, although the converters individually are nonlinear, the resulting converter is linear. The reason for this is that their transfer characteristics are the exact opposite of each other.
"Old" current mirror
Circuit
It consists of four parts:
Input current source: I have set the input current by a simple resistor-type current source with the odd name Ri=1k. It is built by the supply voltage Vdd and an imperfect ammeter with an internal resistance of 1 kΩ. Combining a resistor and an ammeter into something like a "visualized resistor" simplifies the circuit (see my related question and answer).
"Reverse" transistor: M1 adjusts its Vg (Vd) voltage to allow the entire input current to flow through. In this way, current and voltage swap roles – the drain current becomes an input quantity and the gate voltage becomes an output. Since this configuration keeps a relatively constant voltage (like a diode), it is known as a "diode-connected transistor".
"Normal" transistor: M2 changes its drain (output) current according to its gate (input) voltage in accordance with its "forward" transfer characteristic.
Load: To simplify the schematic, I have used the same "resistor + ammeter" trick by combining a variable resistor and an ammeter into something like a "visualized load".
Operation
Let's examine the circuit with different load resistance values to see how good a current source (sink) it is.
RL = 1 kΩ: We can start with RL = Ri = 1k. We see that the circuit is completely symmetrical - not only the currents but also the voltages are equal.
simulate this circuit – Schematic created using CircuitLab
RL = 500 Ω: Now let's decrease the load resistance ("increase the load"). M2 reacts to this disturbance by increasing its Rds "static" resistance. The sum of the resistances of the two elements, and consequently the current, hardly changes. Only the voltage drops across them change - Vd2 increases and VRL decreases.
simulate this circuit
"New" current mirror
I will consider your invention under the assumption that flipping M1 vertically is a typo. Then the only difference between it and the "old" current mirror is in the connection in red.
RL = 1 kΩ: As you can see, the circuit's two halves are in parallel. So, as in Schematic 1.1 above, both currents and voltages are equal.
simulate this circuit
RL = 500 Ω: The difference between the two configurations manifests itself when we start to change the load resistance.
simulate this circuit
Since it is now connected to a voltage rather than a current source, at very low values of the load resistance, unrealistically high values of current are obtained. Of course, this only happens here in the simulator; in real circuits, currents are limited.