Jennifer Lopez presented two awards -- one for best makeup and one for best costumes-- with Cameron Diaz at the Oscars. But it was Lopez's dress that has everybody buzzing after some folks think they spotted a dreaded waldrobe malfunction while Lopez presented the second award.

Before they announced the second winner, Lopez and Diaz turned their backs to the camera so the audience could get a view of their dresses. When they spun back to face the front, it seems like Lopez's gown may have slipped enough to display something R-rated.

Twitter is mixed on whether or not J.Lo had a nip slip at the 2012 Oscars. Some caught it, while others think a peek at J.Lo's Golden Globes is wishful thinking.

Whether or not there was actually an inappropriate amount of skin, we can probably all agree that Lopez was tempting fate with that plunging neckline.

Check out the video below. Do you see anything? Did J.Lo pull a Janet Jackson?

Update: J.Lo's nipple now has it's own Twitter account, naturally. First Tweet? "DID YOU SEE ME?"

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