Well?
Dammit, you said “non-age restricted.” Sandman Mystery Theatre and Preacher both had some fun, smartly-written, tastefully-handled sex scenes, but they are both Vertigo comics (for mature readers). I guess it depends who you think draws the most attractive characters on a regular basis. I personally like the women drawn by Jim Lee, Art Adams, J. Scott Campbell, Mike Allred, and Adam Hughes, but I haven’t had crushes on comic book females since I was in elementary school.
Fine I’ll break it into two categories. Age restricted and non-age restricted. What’s the most erotic example(s) in each category?
Plenty of cheescake in She-Hulk.
*Wolverine * had a bunch of sex in the last issue. Yay, fuzzy-people smut.
Lots of gratuitous sex and violence in the Preacher run, and in Hellblazer these days. Both Vertigo books, though.
Erotic, though? From Marvel or DC? Well, that eliminates Strangers in Paradise.
Daredevil has had some moments in the last year. Other than that, I’m at a loss.
Well…I know for a fact the Marvel has put out swimsuit issues…Psylocke in a bikini is one of the best things I’ve ever seen in a comic book to this day…
Is Danger Girl age-restricted?
Yeah, the cheesecake is tongue in cheek and way over the top (and the writing sometimes veers past parody into outright stupidity), but it’s still cheesecake. 
Danger Girl is an all-ages comic, and it is a lot of fun (even though it’s heavily tongue-in-cheek). J. Scott Campbell draws some very attractive ladies, even if their proportions aren’t the least bit realistic.
(And I have the hardcover and/or the TPB for sale, both SIGNED, if anyone wants!)
There was an issue of Green Lantern/Green Arrow in the early 70s (#84, “Peril in Plastic”) where Neal Adams’s* drawing of Black Canary was the sexiest thing to ever appear under the comics code. It seems pretty clear she and GA were doing it.
*Adams was one of the greatest and most influential of all comic book artists; nearly all the work you see today are imitations of Adams, who was the first to draw the ultra-ripped look. But Adams actually knew anatomy amazingly well and was one of the few who could make it look good instead of grotesque.
Early Wonder Woman comics looked like Betty Page magazines. Pure dominatrix bondage. I was just watching a show on comics on History Channel or some place, and they showed some panels. The guy being interviewed said, with some amazement, “I guess they (the censors) just didn’t get it.”
A lot of artists used to slide stuff in “under the radar” as it were. William Marston, the guy who created Wonder Woman, was a real life dominance/submission/bondage fan, living with two women and fathering children by both, one of whom always wore large silver bracelets that looked a lot like Wonder Woman’s. Here’s a copiously illustrated article on Wonder Woman and Marston.
Moviemakers did the same thing. Check out my review of King Vidor’s 1930s epic Sign of the Cross and my review of Roman Scandals from 1933.
And even though these two links are from films dating from the 1930s and show no naughty bits, I wouldn’t describe them as work-safe at all.
You tell 'em RC - couldn’t agree more. If anyone is interested, there is this book - Arlen Schumer’s “The Silver Age of Comic Book Art” which does a great job of showing the greats like Adams, Steranko, Infantino, Ditko, Kirby and Kane - most wouldn’t qualify for this particular post, but man, could they do great comic book art.
Don’t know what the OP means by age-restricted and non age-restricted, but She-Hulk is PSR (12 and up) and Wolverine is PSR+ (15 and up). Marvel All Ages (8 and up) books carry no cover rating; pretty much the only ones you’ll see are the new Marvel Age books, which are cartoon style retellings of the classic Spider-Man.
The latest Supreme Power (Mature Readers), #11, features Princess Zarda nude throughout the entire issue. Though they obviously avoided any full frontal, there is some pubic hair visible in two panels.
Supreme Power #10 did have a female full frontal nudity shot of Zarda, as did Outsiders #13 (No CCA symbol, DC’s indication that the title is intended for older fans), though I would doubt the sanity of anybody who found them sexy.
Evil Captor, that link was amazing! I’d thought immediatly of Wonder Woman when I read the thread title, but had no idea how much the old WW comics really contained!