Both. One does not need exclude the other.
Compliment the appearance of a young child, and they beam, with a touch of doubt, a blush of embarrassment, perhaps, but joy for both sexes. After leaving handprints and images of local fauna on cave walls, statuary of fertile pregnant women and phalluses show us the earliest objectifications of sexual beauty. What could be more beautiful than a pregnant woman, perpetuation of the species, and the instrument that made pregnancy possible, with a bit of fun? Is there anything we take joy from that we don't objectify?
The confusion of objectification with respect comes from those who feel ugly, inadequate, dislike of self and is unnatural, a negative for societies as a whole. Plato said that women should be respected for their minds, not just appreciated as chattel, vessels of intellect not merely servitude. Do we not service each other in healthy relationships? Healthy relationships are balanced between appreciation of beauty, lust, and intellect. Dad thinks he rules, but mom calls the shots.
Spartan women admonished men going to war with "Come home victorious, or come home on your shields." or some such melodramatic nonsense, but it was the commands of women. Dad told us to do our homework, mom makes sure we do our homework, and when we misbehave warns us "Wait until your father gets home!" And dad would say "this hurts me more than it does you." Mom calls the shots, again.
My wife beams when I compliment her appearance, and I embarrassing bluster when my daughters say "you look good today in that sweater, dad." If a day passes without my complimenting my wife, she assumes I'm sick or being rude and neglectful. I will suffer for the latter, enjoy her administrations for the former.
Marilyn Monroe was gorgeous, so was the mother of every man. I have a photo of mom in her wedding dress, dad looking like he wants to escape the all conquering visage she presents, commanding my den, none of Marilyn.