Steve Jobs’ company takes top honors for the fourth year in a row

Image: Time Inc.

Pay no attention to that logo behind the ripped-open shirt on the cover of Fortune‘s current issue.

The magazine’s most-admired company — for the fourth year in a row — is Apple AAPL , not IBM IBM .

“The company’s blistering pace of new product releases,” writes Shelley DuBois, “has continued to set the bar high for tech companies across the board.”

And that was printed before the iPad 2 was unveiled.

You can see her write-up here. The list of 50 most-admireds, which includes No. 2 Google GOOG and No. 9 Microsoft MSFT , is here.

IBM, despite its cover billing, came in No. 12.

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[Follow Philip Elmer-DeWitt on Twitter @philiped]