My original tumblr post was here. This image was researched by Bacchus at ErosBlog as part of the “Δ commission.” The research was originally published at Hedonix as Here is what Bacchus found.
This trippy animation was constructed (.gif creator is not known) from an artwork by artist Kelly Keith, who titled it simply Fay 001 on Flickr:
The reference is to actress Fay Wray, most famous for her starring role in the 1933 movie King Kong. Artist Kelly Keith makes the reference more explicit in this web gallery, where the piece is titled (or perhaps captioned) “The Universe Has the Right to Fay. Acrylic on panel.”)
Visually, the image of Fay is almost certainly collaged-in from a photograph or promotional art from King Kong. Although the precise source image could not be found, the costume and pose are similar to this from the movie, photograph credited to Ernest A. Bachrach:
Artist Kelly Keith was interviewed here, and credits “imagery from children’s books” along with “Eric Fischl, Wayne Thiebaud, Alice Neel, and old science-fiction magazines and paperbacks” for her artistic inspirations.