Garlicdesign, the flag on the aircraft in the photo and your own drawing are correct. Imagine a flag pole at the front of the aircraft during flight, which way would the flag be flying and which side would you see? - i.e. on the starboard side of an aircraft, the obverse of the flag should be shown. I know this is the rule in the UK (not always correctly observed though), and seems to be generally accepted worldwide. The most obvious example would be the starboard side of Air Force One, or I've seen the same rule applied to the Australian flag on Qantas aircraft for example.
I've updated and corrected my AgustaWestland AW189:
Also some more Harvards and Texans.
South Korea, North American T-6G Texan:
Switzerland, North American AT-16 Harvard: