It was a big fashion risk, to be so “exposed” at such a formal setting but Jennifer hit it on the head with her plunging neckline and sheer ensemble.

Hostess, Guilana Rancic also stunned in a white Tony Ward Couture dress that was more impressive than most of the nominated talent!

Octavia Spencer, “The Help,” stayed true to designer Tadashi Shoji while Angelina Jolie wore Atelier Versace which accentuated her long legs (it later had its own Twitter account).

Gwyneth Paltrow’s daring white cape by Tom Ford, also was a winner!

We deem Jennifer Lopez, the winner of last night’s red carpet with Guilana only a dress trail behind!

Octavia Spencer Wins “Best Supporting Actress” Oscar For “The Help”

2012 Oscars Red Carpet [PHOTOS]

Who is your winner?

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