Of the two, only "light as a feather" works. There are some really heavy birds!
However, it's not a very natural way of describing someone's weight (not something we do very often anyway). I find it particularly odd when connected to the idea that she works out. Generally, working out develops your muscles which, counter-intuitively, can actually weigh more than fat, so it's not necessarily true that someone who works out every day is going to weigh less than someone who doesn't.
I'd say something like "There's not an ounce of fat on her".

English Teacher