A bit of both.

Jaune then took the Note and wrote, "Celestia Peach will strip naked, and use her body in any way Jaune Arc requests in order to make what happened in Forever Fall up to him."

"I mean, it wasn't your fault, so there isn't much to forgive," he told her as he finished writing. "But, if you want to make it up to me anyway..."

"Ah, of course!" she said, before beginning to strip naked for him as he set the Note down. Jaune grinned as he looked at Glynda, who smiled in faint amusement.

He then turned back to Peach, who had gotten down to her bra and panties without issue, and unclipped the black lace bra she wore, freeing her boobs for him to look upon approvingly. She finished by hooking her thumbs into the waistband of her panties, which matched her bra, and bent down to slide the garment down her legs.

Jaune smiled in appreciation of Peach's body as she straightened up, now naked and gazing at him. "I hope my body will be sufficient as an apology for what happened," she cooed, placing her hands on the top of her breasts.

"That definitely works," he smiled as he considered what to have her do.