Lilith has been around for a long time. Some even say she was there from the very beginning, even before Eve. In Jewish folklore Lilith became Adam's first wife. Unlike Eve, who was made from Adam's side and thus 'inferior' to him, Lilith was created from the same stuff as Adam at the same time and so his equal in every way. Adam didn't quite see it that way though, and refused to take turns when it came to who got to be on top (wether that be metaphorical or during actual sex).
"Soon, they began to quarrel with each other. She said to him: I will not lie underneath, and he said: I will not lie underneath but above, for you are meant to lie underneath and I to lie above. She said to him: We are both equal, because we are both created from the earth. But they didn’t listen to each other. When Lilith saw this, she pronounced God’s avowed name and flew into the air. Adam stood in prayer before his Creator and said: Lord of the World! The woman you have given me has gone away from me."
So basically Adam went whining to his daddy who eventually gave him a new toy in the form of Eve. But not before trying to get Lilith back first. God sent three angels after her to persuade her to return to Adam.
"Lilith asked: `How can I return to Adam and live like an honest housewife, after my stay beside the Red Sea?? 'It will be death to refuse!' they answered. `How can I die,' Lilith asked again, `when God has ordered me to take charge of all newborn children"
And so Lilith became a demon, killing newborn children. But she and the angels agreed that if an infant wore an amulet around it's neck depicting the likeness of said angels, Lilith would spare them. Over time she also became known to seduce men in their sleep and such, which is where the succubus thing comes from.
I also made a slightly modified version of this where she's more covered up. Because I figured it might be practical to have a version of this that isn't so NSFW. But it doesn't look quite right. I mean, if there's one lady who you can safely depict as being totally comfortable with her own body and sexuality, it's our dear Lilith. So boobies it is :)