I think I've finally come up with my answer to this question... For me, it's a little bit of both, but a lot of neither.
I'll explain.
(sensual) Yes, I like the feel of feminine clothing, The fabrics are smoother, softer, etc. But that's not really why I wear them.
(sexual) Yes, I feel more sexual when dressed, but it isn't the clothes themselves that do it for me. It's how I feel inside.
For me it's something else. It's being just a tiny bit closer to what (or where) I wish I could be. I'll give an analogy to to try to explain.
I'm sure pretty much all of have seen scenes on TV or the movies where a woman is missing her man (who is off to war or something) and she goes into the closet and gets out one of his shirts, smells it and puts it on. She isn't doing it for sexual or sensual reasons.
She's doing this so that inside her heart she can feel just a bit closer to him, and feel the love she has for him just a bit more.
For me it's similar to that. When I'm dressed, I feel just a bit closer to where I wish I could be. I feel the love for something that I can't really have. For a time, I'm a bit happier than my normal existence. It's bittersweet, but it's so much better than nothing - and I won't - no - I CAN'T give it up.
Of course that's just me...
SaraLin