That looks like her dick... Unless there's a portal in between her tits leading to some happy guys pants I think this should have the futanari tag.

I actually just now tagged the second image with "magic_penis" tag. However now I can see what you mean, futanari makes a hell of a lot more since.

Yeah, it doesn't explicitly say that she's futanari in that text, or in the artist's commentary or tagging on pixiv, but it's clear that it couldn't possibly be anything but her(?) own penis - especially with a bow, which looks to be part of the uniform, tied around it.

I think it could be futanari but other things could work also. It could just be a realistic dildo.

It comes from between her breasts. It's her own penis.