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Description:
+-SH suggestive159959 +-SH artist:magnaluna1139 +-SH princess celestia100748 +-SH princess luna105070 +-SH twilight sparkle320144 +-SH blushing222043 +-SH bush3124 +-SH bust60864 +-SH colored pupils11346 +-SH constellation890 +-SH crown21786 +-SH cute220556 +-SH dialogue73733 +-SH ear fluff37298 +-SH female1502607 +-SH female focus7448 +-SH floppy ears59323 +-SH forest11624 +-SH galaxy mane1264 +-SH heart54930 +-SH horn98627 +-SH implied sex6651 +-SH jewelry80219 +-SH leaning4102 +-SH lesbian103836 +-SH looking at you196582 +-SH lunabetes3818 +-SH offscreen character39757 +-SH portrait34688 +-SH regalia25550 +-SH shipping218452 +-SH solo focus19492 +-SH twilestia2632 +-SH voyeurism2387 +-SH wavy mouth4316 +-SH wingding eyes27050
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She seems embarrassed/shy, like Flutterbutter if she walked in on something she did not intend to see, or something too lewd. That’s usually what ‘Oh my O///O’ is supposed to convey at anyrate.
Can’t be heartbroken, MagnaLuna tortures Luna with TwiLestia constantly.
She must be numbed to the pain by now.
these are two different background colors of the bright text, one on the left is more pink
Notice the text in lavender is Twilight speaking and the one in blue is Luna.
So yeah, dream or not, Luna is watching Twilight do something pleasurable.