I'm working ahead on EGSNP, so another old--CLASSIC! Classic Milestone. Saying classic makes it clever and good.
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This being a non-canon pinup, I have no idea what exactly is going on here. Were this canon, I'd just say this is Elliot as Cheerleadra with Ashley or Tedd or some other volunteer helping prove that "Mall" Elliot and Cheerleadra aren't the same person. I'm not sure WHY they'd want to prove this, what with it taking suspicion off of Elliot, but that at least addes up.
This being non-canon, however, this could just be two Elliots. Somehow.
Of course, by that logic, we could also claim this is somehow Justin and Susan, or two Graces. I don't know. You sort this out. My brain is tired.