Vanessa Hudgens steps out in an ebony Jenny Packham dress as she arrives at the 2010 Vanity Fair Oscar Party hosted by Graydon Carter held at the Sunset Tower Hotel in Los Angeles on Sunday evening (March 7).

The 21-year-old actress will be joining boyfriend Zac Efron at the party.

Vanessa is headed off to Las Vegas next week, where she will be honored at 2010 ShoWest as the Female Star of Tomorrow along with Beastly costar Alex Pettyfer.

Zac Efron catches up to girlfriend Vanessa Hudgens and pose together for photographers on the red carpet of the 2010 Vanity Fair Oscar Party hosted by Graydon Carter at the Sunset Tower Hotel on Sunday (March 7) in Hollywood.

The pretty pair was last seen together last month in Australia sharing a romantic kiss!

The 22-year-old 17 Again actor is being discussed as a possible candidate to replace Tobey Maguire as Peter Parker in the upcoming Spider-Man movie. Zac told MTV, “Are you kidding? It would be a dream come true. I think it would be an honor. I would tear it up!”

While L.A. recovers from its Oscar hangover today, time to dish on how some of the hottest stars celebrated Hollywood’s biggest night:

The Vanity Fair party at Sunset Tower, tho still recession-ized and catered by In-N-Out, was the bigsoiree of the night, bringing out the likes of Sean Penn, Sandra Bullock, Jennifer Lopez, Natalie Portman, Gabourey Sidibe, Ryan Phillippe, Abbie Cornish, Zac Efron, Vanessa Hudgens, Taylor Lautner and Kristen Stewart…just to name a few.

So how were some of our fave delish babes acting inside the exclusive shindig?

First off, it’s safe to say recent exes Abbie and Ryan didn’t exactly kiss and make up. Yeah, hardly.

“They really didn’t come near each other all night,” says one of our inside party sources. “But they both looked like they were having a good time. Separately, of course.”

One honey who was all smiles was our fave gal, Kristen Stewart.

“She looked genuinely happy for the brief time she was there,” spills our eyes. “She was smiling the whole night and hung out with Taylor inside for part of the time.”

Uh oh…we can see the tabloid headlines now: “Kristen and Taylor’s Steamy Oscar Night!”

Hardly, sweethearts. Dishes our source:

“They looked like great friends laughing and hanging out with the other celeb guests. It wasn’t flirty or anything.”

No duh. But since Robert Pattinson wasn’t able to make it to the Oscars (he’s currently filming Bel Ami) Taylor was K.Stew’s plutonic date for the night.

A couple seriously together, though, was Zac Efron and Vanessa Hudgens.

“Zac never left her side,” we’re told. Even though Z.E. made a pit stop at the Governor’s Ball while Vanessa showed up to Vanity Fair solo, she came back out and snapped pics with her BF. Presh! Still, don’t think these two are gonna last.

It was def a couplefest inside. Sandy held onto her Oscar and her hubby equally tight, Katy Perry finally joined Russell Brand at this Oscar shindig, and a very pregnant Amy Adams sat down most of the night with her hubby.

One dude very single, though: Sean Penn.

“He seemed to be talking with a new pretty girl every time I saw him,” says our insider. For a guy who may have had an altercation with Hurt Locker producer Greg Shapiro backstage at the Oscars (Shapiro is dating Penn’s ex Robin Wright), we’re told he looked like he was happy and was having fun.

So…best dressed of the night? We’re loving young Hollywood right now…we say Kristen,Natalie and Vanessa totally rocked it. Don’t you think?

Article courtesy of Disnology: . Please follow her on Twitter at Thank you so much for allowing us to share this with our members at CVA.

Dayum, the girls were out last night!

Hilary Swank and Vanessa Hudgens hit Vanity Fair’s Oscar party in crazy sexy, cleavage-baring black gowns. Neither babe attended the ceremony, but the ladies sure as hell made certain they made an impact following  Hollywood’s biggest awards show.

Hilary surprised everyone in an Armani Privé jaw-dropper that looked like it had been painted on. And in case you weren’t already checking out her assets, she had a massive Charleston diamond pendant strategically placed on her chest.

Meanwhile, V.Hud was working her most sexy seductress pose in a sequin Jenny Packham dress. We haven’t seen this much of her skin since those leaked naked photos.

And they’re not the only Hollywood hotties taking the plunge this season. Check out our brand-spankin’-new gallery of boob-baring ladies and let us know who’s got the best cleavage on display.

Vanessa Hudgens shows off her stunning smile as she chats with Access Hollywood at the 2010 Vanity Fair Oscar Party on Sunday night (March 7) in Los Angeles.

The 21-year-old actress dished about her upcoming movie, Sucker Punch, the wonder of Avatar and what it would be like to carry an Oscar off with her one day. Check it:

On Sucker Punch: “It’s coming out next year and I’m really excited about it. Everyone is finally going to see me kick some butt.”

On which Best Pic nominees she would love to be in: “I was almost going to say that [Avatar]! Now I’m feeling kind of generic. I think it’s incredible what they did with the new technology. Coming to set and not having to wear makeup everyday — amazing. I would’ve been so happy.”

On one day carrying a golden statuette from the Oscars: “One can only hope. The important thing is people doing what they are truly passionate about and putting their heart and soul into it. Once you have that, people acknowledge that and hopefully ends you up on that stage.”

Alex Pettyfer & Vanessa Hudgens
Starring In: ‘Beastly’ (July 30)
Why We’re Psyched: In this edgy, modern ‘Beauty and the Beast’ update, a spell is cast on the handsome, cruel Kyle (Pettyfer), transforming him into what he most despises: ugly. The only antidote to his curse is finding someone who will love him as he is. Hudgens of ‘High School Musical’ fame plays the key to his redemption. A teen flick, sure, but we’re definitely curious.

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