(I'm too lazy to spoiler mark everything and it will get in the way of this discussion so people who want to play the game DON'T READ AHEAD FOR THERE ARE SPOILERS)
Grandmother doesn't really blink, but she shoots her eyes open in every ending. (with the exception of the wolf endings of course, where she is missing entirely) You can check it out on youtube if you like. This is why I think she's just "dying" rather than already dead, there's pills beside her bed, and there's an object to collect in the forest that triggers a memory of pills for some reason. I forget which it is, but I know it's there.
I don't really think the girl in white is a wolf herself, but understanding her goes a long way to understanding the whole game, (as well as understanding Ginger's wolf) which I think is impossible to do. I see each red girl as a different metaphorical phase of youth (naivete, innocence, dependency, juvenility, rebellion, sexual inexperience, passiveness, possibly femininity or gender conformity etc.) that one by one are killed by a certain experience in life. (which each wolf represents) Because of this, I think it's significant that you are able to control the girl in white and get to grandmother's house without any trouble at all, but only when all girls are dead. It almost seems as if the girl in white can represent neutrality, or acceptance or something similar to that, which is a very important part of full maturity. You can go anywhere you want in the forest, but there is no longer any temptation for the bad, and you know exactly where the path is.
The creator himself has mentioned that he sees the girl in white in the end as if she has killed the wolf and cut the girls out of its stomach, hence the blood-stained dress and why the girls gradually come back into the room safely. This is why I see the girl in white as the woodsman. You can even see it as the grandmother being the wolf by the end, because the wolf has already taken care of the red girls and posed as the grandmother, waiting for the last girl to arrive, like in the original story. It's like if grandmother is girl in white's wolf, (IE. she herself is her own wolf) but by that point in time, girl in white knows just what to do. The girls coming back into the room is kind of like they're being allowed to start over, like "you can't get rid of them, they'll always be there in life, but do what you must with them and let them go as they please."
I don't really see the stuffed wolf's color as being significant to the girl in white. After all, there are other white things to be pondered about in the game. Like how each red girl's item in the start room is white for some reason.
And yeah, I did read the original story.
I'll talk about the girl in white more later. She has a lot to be talked about, but I gotta go to a birthday party soon, so it'll take a while if I keep going!
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