Which was the first album released with a "Parental Advisory" label?

While "explicit lyric" labels existed as early as 1985 and were applied haphazardly, the first standardized parental advisory labels appeared in 1990.

In 1990, a black-and-white warning label reading "Parental Advisory: Explicit Lyrics" was introduced as a standard for affected records to follow, and was to be placed on the bottom right-hand section of a given product. By May 1992, approximately 225 records had been marked with the warning.

The very first album to have this official 1990 Parental Advisory was "Banned in the USA" by 2 Live Crew.

Banned in the U.S.A. is the fourth album by the 2 Live Crew. It was originally credited as Luke's solo album. The album included the hits "Do the Bart" and the title track. It was also the very first release to bear the RIAA-standard Parental Advisory warning sticker.

https://en.m.wikipedia.org/wiki/Banned_in_the_U.S.A.

On July 13, 1990, the first album to be adorned with a parental advisory sticker hit the shelves, ushering in a new era in the recording industry and re-igniting a heated discussion about censorship, freedom of speech, and morality. Banned in the U.S.A. was 2 Live Crew’s fourth album, and certainly not the first with the highly sexual content the Miami group had become known for, but it was the first since two of the group members were arrested for obscenity (and later acquitted at trial) in June of 1990.

http://ambrosiaforheads.com/2015/07/25-years-ago-today-2-live-crew-made-history-bringing-out-the-parental-advisory-sticker/

Other early label holders:

The first albums to receive the label in its new form included Danzig's self-titled album (ironically, no profanity is present except for a use of "whore" in Possession), Soundgarden's Louder Than Love, Guns N Roses's Appetite For Destruction, and 2 Live Crew's As Nasty As They Wanna Be and had the label in the form of a sticker on the cellophane wrap.

Later pressings of Danzig's self-titled, as well as many new albums with the label after 1994, had the label printed onto the artwork. To some, it has become known as the "Tipper sticker" because of Tipper Gore's visible role in the PMRC.

https://en.wikipedia.org/wiki/Parental_Advisory

While 1990-1998 pressings of the CD had the Parental Advisory label in the form of a sticker on the cellophane wrap, pressings since 1998 have the label printed on the artwork. Danzig is one of few albums labeled as "explicit" despite the virtual absence of profanity (save for one use of the word "whore" in "Possession").

https://en.wikipedia.org/wiki/Danzig_(album)