This comes from a doujin called
ア○ガミ七咲 ・ こっちの方がよく見えますよ ♪ 温感風呂ポスター
It reads (not 100% sure):
a*gami nanasaki ・ kocchi no hou ga yoku mie masu yo ♪ yutaka kan furo posutā
I can't find a free scan though.
More doujins from saitom:
http://doujinshi.mugimugi.org/browse/author/36709/saitom/

So, uh, anyone think the ridiculously deep black was just 'I drew what's under it, but this is censoring by just placing a pure black color over it' ?