The 79th Annual Academy Awards, more commonly known as the Oscars, has proven to be one of the most glamorous and exciting nights in television – and last night was no exception. This years Oscar ceremony honored some of the best of the best in movies and screenplays but, perhaps more important, were the best of the best on the red carpet.

The Oscars are a driving force in fashion and has been known to set the stage for trends and styles for the upcoming year. So let’s take a look at some of my top choices for best dressed at last night’s event.

#1. Reese Witherspoon

Reese Witherspoon looked absolutely stunning at last night’s Oscar show making many viewers question why Ryan Philippe would let something so good just slip through his fingers. Well Reese bounced back from her divorce in high style. This floor-length, dark purple Nina Ricci gown flattered Reese’s figure in all the right places. The strapless style showed off Witherspoon’s nicely toned arms and the sleek look of her hair and makeup were the perfect finish to a perfect outfit.

#2. Cameron Diaz

Before I saw Reese Witherspoon’s dress I was certain that Cameron Diaz was going to steal the position of best dressed last night. Coming in a close second, Cameron looked modern and absolutely beautiful in this white floor length gown by Valentino. The cut is intriguing, with a slightly shorter hemline in the front and a longer train in the back. The crisp cuts, large lapel collar and green earrings completed the outfit. A huge improvement from the mess of a dress that we saw Cameron sport at the Golden Globe Awards last month.

#3. Beyonce

The always-gorgeous “Dreamgirls” actress, Beyonce Knowles looked curvy and classy at the Academy Awards last night. The 25 year old bombshell looked smoking hot in this mint green, floor-length dress by Armani. The stone strap detailing made some question the look of the dress but I personally think it was a refreshing change to the seemingly “safe” choices by many women on this year’s red carpet. Sleek hair and natural (but beautiful) makeup make Beyonce a definite ‘dream’ on the red carpet.

#4. Penelope Cruz

Penelope Cruz always makes a statement on the red carpet and this year was no exception. Penelope’s blush colored, strapless gown by Versace was a definite fashion statement on the red carpet. The simple bodice was a nice compliment to the elaborate feathered bottom. The long train and simple jewelry were the epitome of elegance at last night’s show – but could we expect anything less from Penelope?

#5. Emily Blunt

For being a relatively unknown actress before this year (she’s no Nicole Kidman or Penelope Cruz yet) her style statements on the red carpet have generated interest in this young starlet. Currently dating singer Michael Buble, Emily Blunt looked stunning standing beside him in the royal blue strapless, floor-length gown. Emily’s style is simply and classy and it suits her well. Hopefully we’ll be seeing more of her this year.

Now that you’ve seen my top 5 picks for Best Dressed at the Oscars, why not take a look at some of the fashion disasters on the red carpet last night.