There Are No Scary Wolves by Hyewon Yum is scheduled for release tomorrow. (For some reason it appears to be a hard release date, not so common in picture books.)
Book description from publisher:
What exactly is it like outside when Mom isn’t around? Are there . . . scary wolves? When a little boy ventures out of the house with his mother, he’s in for the fright—and the adventure—of his life! Reality and make-believe collide in this new picture book by acclaimed author and illustrator Hyewon Yum, with results that are fantastically adorable, disarmingly funny, and utterly unique.
Now this is very subtle playing with Little Red Riding Hood, of course, with no overt references beyond the boy's clothing, and well, the wolves. But can't you just see this as the book parents read to their children after scaring them with LRRH? Although the argument is often made that the tale is meant to scare and preach stranger danger. However, the fear can be carried too far and this book addresses that issue.
You can see more of the unusual illustrations on Yum's website. And here is a cute video of her son reading from a galley: