Rihanna Shows Off Nipple Ring In Sheer Dress On New Year's (PHOTOS)

While Lady Gaga was changing three times for her New Year's Eve celebration, Rihanna stuck to just one outfit -- with a racy twist.

The Barbadian singer rang in 2012 at P.Diddy's New Year's Eve party in Miami in a sheer black dress with a plummeting neckline that revealed a glimpse of the piercing on her right breast.

It's not like Rihanna's been coy about her risque piercing in the past: we glimpsed it here. And here. And here. And here.

So is Ri-Ri's sheer dress a "wardrobe malfunction," like the Mirror proclaims?

We think it's more just the girl showing off, and with a body like that, we don't blame her.

Check out pics of Rihanna's sexy New Year's style (slightly NFSW!) below.