Nice...might be good to remove the black outline around the woman, and make the wings slightly translucent.

Besides the black around the figure there's a lot of white and ragged edges on the butterfly as well.

IMHO as I said, the wings might be better with a bit of transparency, but that's up to you, author. There's some distracting type on the left wing in hi-res. I liked the color version better.

Using just light and dark (not color) is dramatic but also challlenging. I agree totally with the previous commenters. I further suggest employing the Rule of Thirds and moving the fairy to the left so she doesn't blend into the trees while creating a more-compelling and balanced composition.

DanLundberg makes good points about the composition, as it is now you have the classic mistake of having a tree growing out of her head. The type CMYK46 mentions is from the Marcus Ranum image. The mask work has many problems, you should try using layer mask to silhouette an image. This creates a temporary mask that allows you to bring back the edges of the image that may have been too deep or uneven since the image is still complete under the mask.