The first phrase is OK. We say a naked man, woman, body, etc. On the other hand, the appropriate word for a picture, movie, scene, beach, etc. involving naked people is nude. So we can say a nude picture of a woman instead of a naked picture of a woman.
I don't think that the second phrase is more popular than the first one. It sounds substandard if we say "a naked picture of a woman". It is true that the adjective naked is a synonym of nude, but they are usually used in different senses. I think we can say a nude or naked man or woman, but we can not use naked for a picture, painting, model, etc. representing a human figure in art or any place or thing involving people who are wearing no clothes (beach, scene, movie, etc.)