Step 1: Understanding the Concept
The statements are about the labia and the vestibular glands.
Step 2: Statement I
The labia majora are thick, fleshy outer folds. The thin inner folds are the labia minora, and they form the hood over the clitoris. Statement I is incorrect.
Step 3: Statement II
The vestibular (Bartholin's) glands are homologous to the male Cowper's (bulbourethral) glands. Statement II is correct.
Final Answer:
Statement I is incorrect but Statement II is correct.
\[ \boxed{\text{(D) }\text{Statement I is incorrect but statement II is correct.}} \]