Nobody seems to know. It gets asked every time this image comes up... it's been floating around a while, I was surprised it wasn't already on here.

And still no one knows.

Mini-girl or giant girl?

From Circle WHITE ELEPHANT's doujin (735 JPY): http://www.dlsite.com/ecchi-eng/work/=/product_id/RE085315.html

That particular page was illustrated by GADEN.

tammaro said:

Mini-girl or giant girl?

The horned woman is Shaiard, the demonic giantess of Palcikia. And the ponytail girl is Princess Kiria Bastor de Bolkiah.