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New mom Kendra Wilkinson shows off her slimmed-down curves in a snow-bunny outfit on the cover of Playboy's December Christmas-themed issue.

Kendra, who previously turned down the mag owned by her ex-boyfriend Hugh Hefner after becoming a wife and mother, said the decision to go forward with the shoot was "the hardest decision I've ever had to make in my life."

But Mrs. Baskett went on to say, "I'm 25, I have a son. If I don't do Playboy now I probably won't ever do Playboy again... I want to say 'F' you to the world and say 'moms can be sexy'."

Well, maybe not ALL moms, but definitely this one is looking super-hot!

UPDATE: No wonder Kendra looks so hot -- the pix were taken two years ago! On her website, Kendra writes:

"Hey guys! So I wanted to clear something up really quick! A lot of you saw on my show that I was struggling to decide whether to pose for Playboy again or not. I AM on the December cover of Playboy but it wasn’t from a recent shoot. The photos are from a shoot I did 2 years ago when I was still living in the mansion. I’m flattered to be on the cover again and as you all know Playboy has a very special place in my heart! I just wanted you guys to know I didn’t recently pose."