Thank you so much for your reply and thoughts! I think it might be underwear rather than a swimsuit.
I'm not sure about Jockmail, I think the briefs are more like a pair like this with a thin waist band.
http://www.internationaljock.com/ola...ite,79612.html
But I've looked over so many different briefs and I haven't been able to find anything with that white label. So I think you're onto something with the altering of the image, if you look at the socks you can see it's altered so I wouldn't be surprised if he changed the label on the brief so everything was white.