What should I do with this leather jacket?

Definitely 3. Look at the picture again. Does that lady look silly? No, she does not. That way you get some use out of it now (provided you are in the Northern Hemisphere) and when you lose the rest of the baby weight, you can still wear it then. Nice jacket.

Motorcycle-style jackets have been incredibly trendy for a couple of years now, and I think they'll look really dated next winter - especially the ones with the fancy detailing and quilted padding like the one in your photo. So, if being on-trend is important to you, I'd get rid of it now while it's still desirable. Don't dismiss eBay for this kind of thing - I usually get at lest 70% of what I originally paid for something (if not more) just by taking good pictures and telling a "story" in the description. Get good photos in natural light with cool stuff in the background that will appeal to the buyer. For example, I had an electric guitar and some graphic novels in the background of my photo of some Vivienne Westwood knockoff shoes and got three times what I'd paid for them originally - identical listings with crappy photos didn't come close. And tell a story about how much you love the jacket but that the baby weight has gotten in the way - people want to know they're buying something that YOU love, not something that is being cast off. Or, if you love the jacket, screw the trends and wear it open with a scarf! That's fine, too. :)

I wore basically all my jackets open with scarves while I was pregnant. Rock out in it with your bad self.

I vote sell it. While it sucks to lose money, I think the sell option will ultimately fully relieve your mind of the jacket question wheras keeping it around to lose weight or wondering if you look silly wearing it when it cannot be zipped will just be unnecessary mind clutter. Also. even if you do get back down in weight, won't your' boobs potentially stay bigger? I find those style jackets can be cut a bit snug in the boobage, so it might never fit again (even if you are fit)

I think that that jacket looks good unzipped and I wouldn't worry at all about any fashion faux pas aspect of it. Personally I find it really annoying to have an unbuttoned or unzipped jacket/hoodie/cardigan flapping around if I'm walking fast or if it's windy, so I probably wouldn't want to keep a jacket I couldn't zip up for that reason. But if that's not a concern for you then I say keep it. If you decide to sell it though then yeah, you can probably get a decent percentage of your money back if you list it on ebay. I think ebay would be better for this than craigslist anyway, in terms of how much you'll get for it, and actually easier too, since once you've listed it (which isn't really that much work) you don't have to do much except ship it once it sells, whereas on craigslist you have to respond to emails, etc.

I'd wear it open if it fits still in the arms and across the back comfortably. I never wear showpiece jackets like that shut anyway, and I think leather jackets look open and best layered over something to add some texture anyway. That is a great jacket, I'd rock it all winter with the baby weight, as you loose the baby weight and when you've lost it. Leather jackets, if taken care, of only get better looking with wear so if when you've lost the weight you decide you don't like it sell it then.

I was the one who pointed out that garments should be worn as envisioned by the designer. That being said, give it a try unzipped over pants or a warm long skirt and sweater with a soft scarf...after all, you are predicting a financial loss on eBay if you choose to sell. Or haul it from the closet after the baby weight is gone. Leather jackets like this have fashion longevity, IMHO, unlike, say, the red leather number worn by Michael Jackson. There's nothing extreme or transitional about your jacket other than, yes, it emits "badass." You may still enjoy this jacket when that baby is graduating from high school!

I also put on 40 pounds plus when pregnant and post-baby and in a fit of disgust, sold the beloved leather jacket I was no longer unable to zip up. Six months later I am back to my pre-baby weight and sad that I don't have my jacket anymore. Mine looked stupid undone but yours looks fantastic. I vote 3!