No, that's not the name of a hip new band. ;) It describes what looks like a kids' album, but perhaps not...
A "buxom fraulein" (as mentioned in the back cover description below) on a kids' album? No. This is for the beer drinkers! :p
I think that's an inappropriate amount of cleavage for what appears to be a gingerbread woman. Haha.
More info on Walter Ostanek at his official site here.