This Red Riding Hood illustration is from a new book titled "Negative Space" by Noma Bar. The book plays wonderfully with "visual double entendres" and is well worth having a look. It will be available on September 25th.
You can see more awesome examples of how this artist uses space - negative and positive - HERE.
You can pre-order it from Amazon.com (and see even more examples there too in the 'customers images' section).
NOTE: Artwork originally found through DRAWN - The Illustration & Cartooning Blog.