When I asked Holly Randall on another forum, she said it's up to the model.
Most models who have posed for other publications (such as the one above) are more open to showing more pussy.
Newer models and especially models who aren't looking to pose nude after Playboy are typically not gonna do it.
1960s
In the 60's pubic areas are not shown, either covered with clothes, objects or crossed legs.
1970s
Penthouse debuts in 1965 with a harder edge, Playboy responds by showing pubic hair starting in 1971.
1980s
The 80's bring on bolder, more risque poses as longtime photographers leave the magazine.
1990s
The 90's bring less public hair and more risque poses.
2000s
Style of photography stays the same as the 90's but pubic hair is gone by the end of the decade.
2010s (Playmate)
Style of photography is mostly unchanged after 20 years for Playmates
2010s (Cybergirl)
Cybergirls have more leeway than their Playmate counterparts although this will change from model to model. Touching or spreading is still not allowed.