Banded Love Panty
I did this panty for TS3 a while back (it's still one of my favs) and finally got around to converting it to TS4. It comes in 12 bright color combos alternating the colors and black and of course the classic white and black combos.
For those of you who might want more color variations you can follow the link below to get the PSD file to be able to do so. My TOU applies to using this file in making your own recolors for personal use or sharing.