This is one of the yurified fairy tales ("Yurimm Fairy Tales") from Yuri Shimai/Hime magazine. I've translated it in full rather than writing up notes on it.
For scanlations of manga (and other Yurimm Fairy Tales) from Yuri Shimai/Hime, see Lililicious. Lililicious is also planning to scanlate this story.
They were really yuri... maybe?!
Yurimm Fairy Tales
Chapter 5: Little Yuri Riding Hood
Story: Ruri Hozuki
Art: Sakura Shio
We perused the original texts of the fairy tales and legends you all know... and found that more than 90% of them were yuri...?!
The new "facts" (though they're a hair's breadth away from being complete fabrications) are revealed here!!
"Little Red Riding Hood, please bring this cake and wine to your sister. It seems that silly girl is so absorbed in her sorcery that she isn't eating properly."
Despite the fact that it was her mother who suggested it, Little Red Riding Hood was pleased beyond measure. Though all others feared the forest, she loved it, for she sensed that countless wonderful--and just a bit dangerous--secrets must be lurking within it.
"Beware the wolf-girl," her mother cautioned.
Unfortunately, she encountered the infamous "virgin-killer" wolf-girl on her way through the forest.
"Where are you going, sweet Little Red Riding Hood?"
"To visit my sister, who lives in the hidden forest," Little Red Riding Hood answered curtly, mindful of her mother's warning. Her aloof demeanor set the wolf-girl's heart aflutter!
"I want to make her mine. Any sister of hers must be cute, too--I'll take them both!"
Please be so kind as to be on guard in the bewitching forest.
The lingering warmth in my hand makes me think of you.
"If you're off to see your sister, you should pick some wildflowers for her. I'll show you where the flower beds are in this forest. Come here."
Little Red Riding Hood gasped and steeled herself when the wolf-girl took her hand. Observing this, the wolf-girl smiled a bit mockingly. "Are you afraid of the forest? Or is it me that you're afraid of?"
Little Red Riding Hood was unexpectedly irritated by her teasing. "No, I was thinking of taking her some flowers myself," she replied.
The wolf-girl led Little Red Riding Hood to the flower beds, then gleefully set off for Little Red Riding Hood's sister's home.
Little Red Riding Hood, left alone, was more apt to rest than to pick flowers. Her heart was still pounding.
"They say she's a virgin-killer, but she didn't do anything odd to me. In fact, she was rather amazing. I bet she's a nice person at heart."
Her heartbeat only increased as thoughts of being embraced by the wolf-girl flitted through her head.
"How silly I am! But I would like to see her once again."
Oh, dear! Could Little Red Riding Hood be too naive?!
Sister: When did you...?!
Little Red Riding Hood's sister was hard at work in her magical laboratory, as on any other day, when a knock came at the door.
"It's Little Red Riding Hood, Onee-san[note: In this case, a polite way to address one's older sister.]. I've brought you some cake and wine."
"Come in. The door is unlocked."
The wolf-girl burst in like a whirlwind, causing the oblivious girl's heart to skip a beat.
"W-who are you? What is this I'm feeling? What sort of spell have you cast upon me?"
"It's a kind of wolf attack magic known as 'love.'"
The wolf-girl pounced on her, throwing her to the bed and devouring her in no time at all.
Was the moment she fell in love fate's mistake?
I dream of you, one sweet moment after another...
Little Red Riding Hood's sister fell into a pleasant slumber. The wolf-girl carried her into the next room, then slyly returned to the bed to await Little Red Riding Hood's arrival.
"It's Little Red Riding Hood, Onee-san."
"I don't feel well, so I'm resting in bed. Please open the door and come inside."
"Oh, dear! Are you all right, Onee-san?" Little Red Riding Hood rushed to the bed, brimming with concern for her sister.
"I'm so terribly cold. Please get in with me and warm me up."
Little Red Riding Hood obediently did as her sister bid.
"My, what a big, soft chest you have, Onee-san!"
"The better to gently embrace you with."
"My, what a smooth bottom you have, Onee-san!"
"The better to feel pleasant to your touch."
"My, what soft li-... Ah!" Little Red Riding Hood realized then that it was the wolf-girl in bed with her.
"It can't be! Is this... but a dream?"
"Yes, surrender your body to this fleeting dream."
Fireworks went off in Little Red Riding Hood's brain. She was entirely at the wolf-girl's mercy.
Suddenly, the door burst open with a bang.
"How could you?! You're cheating on me again, aren't you?!" A huntswoman, rifle at the ready, stormed into the room. In fact, after spending a night with the wolf-girl, she had developed a fixation with her and begun stalking her.
"What? You have a lover?" Little Red Riding Hood's sister emerged from the next room, looking disheveled.
Little Red Riding Hood was astonished. "Onee-san, don't tell me..."
"It can't be! Little Red Riding Hood, you too?"
The trio descended upon the wolf-girl.
"You weren't serious about me?"
"Which one of us do you love?"
The wolf-girl just grinned. She blew them a kiss, then was gone in a rush, like a whirlwind.
In the end, Little Red Riding Hood had grown up a bit, her sister immersed herself yet more in her sorcery, and the huntswoman continued to stalk the wolf-girl.
Now, dear girls, do take care not to fall prey to the wolf-girl's sweet talk.
A goodbye kiss from the one who stole their first love.