Neither vagina, ass nor diaphragm, this is, in fact, a cake model of a bronze sculpture called "Pear Tree." No word on whether said sculpture resembles the aforementioned items (or a bedpan, even). Any locals care to weigh in?
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I think this one is worse. Also, Waterloo is not from me and I have no idea what this means. A google search tells me there is a Pear Tree catering company in the area but I don't think that this is related.