Straight male. I find muscular / toned / athletic women, on the whole, very attractive (for example, I’m very turned on by Lolo Jones and Hope Solo).
That said, I generally don’t find female bodybuilders to be attractive – for me, they go past “fit and athletic” to “extreme body shape”, and I don’t care for it. The picture in the OP is certainly not as extreme it could be – the picture looks to have been taken during a workout, but, if she’s a bodybuilder, she’s not in “show condition” (oiled, pumped muscles, etc.). She’s just a little bit too much on the “really big muscles” end of the spectrum for me. Not “squicked”, but not really turned on, either.