I'd say this should be rated questionable instead of safe... But that's just my opinion. Where does one draw the line?

The rating is pretty subjective from person to person. Me, I consider exposed sexual body parts at least a questionable nature, otherwise I consider it safe. There is gray area from time to time though...

Hmm... This is a hard decision, but i think a 'Questionable' rating would suffice. I consider 'nude ribbon' pics as such.