The Oscars is a huge affair in Hollywood. That's why it's appropriate that most actresses had not one but two dresses to celebrate in. At the actual show, Penelope Cruz donned a vintage Balmain that was like a fairy tale. But at the Vanity Fair afterparty, out came her sizzling side in a white one-shoulder dress with a major slit. Both are gorgeous, but which is more Fab?

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