Several months and several death threats after announcing that his upcoming album would be called I'm Gay, weirdo rapper Lil B has backed off a bit, or clarified a bit, or something with the cover art.
So yes, there's that "I'm Happy" parenthetical right below the title, which kind of sounds like an elementary-school joke but, to be fair, is the same rationale Lil B's been giving ever since the announcement. Again, he wants the world to know "words don't mean anything"--which anyone who's ever used the words "I'm gay" to say that, in fact, they are actually gay might disagree with, but which certainly isn't inconsistent with B's stream-of-consciousness style.
It also appears that he's Gaye--Marvin Gaye, whose I Want You album cover incorporates the Ernie Barnes painting "Sugar Shack." B's version, done by Uncle Grumpy, is obviously a little different. He explained to MTV:
It's the three sides of the slavery, mental slavery and mental freedom at the ending where everybody is happy.
In other, possibly more exciting Lil B news, he'll be featured on Lil Wayne's mixtape, likely Sorry 4 the Wait. And that's about all we know about that.