What is yellow?

At a holiday barbecue yesterday, the subject came up: From the song "Itsy Bitsy Teenie Weenie Yellow Polka Dot Bikini", is the bikini yellow or are the polka dots yellow?

A spirited discussion ensued. And now, I want your thoughts. Is the bikini yellow? Are the polka dots yellow?

Here are the lyrics for reference:

She was afraid to come out of the locker
She was as nervous as she could be
She was afraid to come out of the locker
She was afraid that somebody would see

Two three four tell the people what she wore

It was an Itsy Bitsy Teenie Weenie Yellow Polka Dot Bikini
That she wore for the first time today
An Itsy Bitsy Teenie Weenie Yellow Polka Dot Bikini
So in the locker, she wanted to stay

Two three four stick around we'll tell you more

She was afraid to come out in the open
So a blanket around her she wore
She was afraid to come out in the open
So she sat, bundled up on the shore

Two three four tell the people what she wore

It was an Itsy Bitsy Teenie Weenie Yellow Polka Dot Bikini
That she wore for the first time today
An Itsy Bitsy Teenie Weenie Yellow Polka Dot Bikini
So in the blanket, she wanted to stay

Two three four the stick around we'll tell you more

Now she's afraid to come out of the water
And I wonder what she's gonna do
Now she's afraid to come out of the water
And the poor little girl's turning blue

Two thee four tell the people what she wore

It was an Itsy Bitsy Teenie Weenie Yellow Polka Dot Bikini
That she wore for the first time today
An Itsy Bitsy Teenie Weenie Yellow Polka Dot Bikini
So in the water, she wanted to stay

From the Locker to the blanket
From the blanket to the shore
From the shore to the water
Guess there isnt any more