The photo is by David LaChapelle.

I remember getting about four copies of her album The Fame when it was first released and wondering who in the world she was. Then I figured she had flopped when there seemed to be no noise around her. I was wrong.

Behind the scenes video:

http://www.rollingstone.com/videos/player/28375628

Watch out, Katy Perry: there’s a new princess of pop who kisses girls (for real), claims Marilyn Manson and Madonna as fans and is on the verge of becoming the defining pop star of the year. Lady Gaga struts the streets pants-less, has everyone from Weezer to Justin Timberlake singing her songs and has moved nearly 10 million digital singles — and now she’s on the cover of Rolling Stone’s annual Hot List.

...

http://www.rollingstone.com/rockdaily/index.php/2009/05/27/the-new-issue-of-rolling-stone-the-rise-of-lady-gaga/

Via:

http://smokingsection.uproxx.com/TSS/2009/05/lady-gaga-covers-rolling-stone