Did Miley Cyrus Slip A Nip On SNL?

What sort of epidemic of celebrity TV nip slips have we stumbled into? Close on the heels of Tina Fey at the Emmys, we now have an alleged nip slip during Miley Cyrus's SNL appearance.

Twitter's been atwitter with the revelation, passing around a screencap (the inset in the photo above) that claims to showcase a bit of Miley's nipple. But does it? Frankly, it's hard to tell--the quality of the image is so grainy, all we can really make out is a flesh colored patch that could be a nipple...or just as easily could be chest. Your thoughts?