My feeling is that when women want to cuddle it's because they need to feel cared for and loved and accepted as an individual. When men want to cuddle, it's cuz they are hoping sex will result, although if they are a nice guy, they'll accept the cuddle sans sex. Isn't this obvious?
I also have seen that women who want to cuddle tend to be people I consider a bit more how shall I say, er, a bit more cognizant of her own needs versus the needs of others. Not that the cuddle type isn't interested in helping others, because she is, but she's a bit more interested in having her own intimacy needs met first. I think what I'm saying is the type of woman who wants to cuddle and will cuddle with platonic expectations (flirting at the most), is someone with low/lower Fe. She is not necessarily thinking of the other person and how he is feeling, but more about herself and how good it feels to be embraced.
Having said that, I will cuddle my girlfriends. Sometimes I even hold hands with my best friends (rarely). Usually I cuddle my xsfp (esfp i think) friend because she is so needy in this way, she's practically begging for affection, not unlike a puppy dog. Although it makes me slightly uncomfortable I do it because I love her and care for her.
I cuddled with a good guy friend from high school years ago (in high school). I suspected he had sexual feelings for me. I didn't for him. After the one time, I discontinued the cuddle because I didn't want to lead him on.