Wrap: If you find some great fabric, buy canvas stretcher bars at your local art supply store. You can buy the exact size you need, them staple the fabric to the wood. Above a sofa or a bed, it makes a great statement.
Since my room have two windows and two doors plus it's full of angles, it's a bit hard to position the bed to optimize the space. I think putting the bed near the windows like this is going to save a lot of space plus enjoying the breeze and light.