UPDATED FEBRUARY 03RD 2014: Added better cover version.
She was once ashamed and embarrassed of her artful photo by Annie Leibovitz for Vanity Fair. She is now almost naked on a magazine cover. Oh, Miley. (source)
Click here to view last year covers featuring Lara Stone, Natalia Vodianova and Kate Moss, here to view 2012 cover featuring Kate Moss, here for 2011 cover with Mila Kunis, and here for 2010 cover with Megan Fox.