A very masculine man over another one's knee, long legs and bare buttocks exposed. The cheerful bright colors lend an upbeat or comical feel, the profile view shows the recipient's fine physique to advantage: deep chest, narrow abdomen, full bottom and lanky, muscular legs.
He is stoic, but the man spanking him is not hiding his delight. The horizontal composition gives an air of calmness and somehow creates the feeling this spanking is going on for a long time.
You can almost imagine this cartoon appearing in a men's magazine in the 1950s, sans penis and a little less sexy in style.