Here's a closeup of the same photo.
It's an Israeli Mustang. Time frame was 1950-1955 and probably 1951-1952. This Mustang came from the US, and most likely incorporated overhauled/refurbished parts.
I'm writing a book on the Israeli Mustangs. Every other photo either has the Aeroproducts logo, a Hamilton Standard logo or no logo at all. This photo is unique. It bothers me.