This is it ... the last bikini objectification of the year ... and so, we proudly present -- KATIE HOLMES VS. JENNIFER ANISTON!!!!
Katie was out in Miami, flaunting her post-Tom Cruise physique in a hot pink 2-piece.
Jennifer is still in Cabo ... hangin' out with her man Justin Theroux.
Two hot bodies -- but there can only be one winner.
So, we gotta ask ...