General term for a white/pale-skined person; a bread roll.
I'll go with bolillo as being used fairly neutrally, at least in South Texas. Christmas, 2011, we were visiting a relative in an assisted living facility in the Lower Rio Grande Valley and a Mexican-American Jesus Lady, obviously very kind and well-intentioned, came by to pray for us. The relative and my wife are very pale Puerto Ricans (I'm Scots-Irish and look it) and the JL went on a bit about Hispanics who look like bolillos, winding up with introducing her husband, also a bolillo. Clearly, she had no thought that the term might be offensive.
Oh, and our San Antonio supermarket bakery has a bin labled "Bolillos."