Let's analyze each statement.
Statement I: "Penicillin is a bacteriostatic type antibiotic."
Bacteriostatic antibiotics inhibit the growth and reproduction of bacteria, while bactericidal antibiotics kill bacteria outright. Penicillin works by inhibiting the formation of peptidoglycan cross-links in the bacterial cell wall, leading to cell lysis and death. Therefore, penicillin is a bactericidal antibiotic, not bacteriostatic. Statement I is incorrect.
Statement II: The statement provides the general chemical structure of penicillin.
The structure shown features the characteristic core of penicillin, which consists of a thiazolidine ring fused to a $\beta$-lactam ring. An acyl group is attached to the nitrogen of the $\beta$-lactam ring via an amide linkage, with a variable side chain 'R'. This is the correct general structure for penicillins. Statement II is true.
Since Statement I is incorrect and Statement II is true, the correct option is (D).