A new estimate of the electromagnetic penguin operator contribution to $\stackrel{\ensuremath{\rightarrow}}{B}{K}^{*}\ensuremath{\gamma}$ is proposed by using the light-cone QCD sum rule. We improve the previous investigation of Ali, Braun and Simma by proper choices of the current operators in the correlator. The reasonable estimates of the $b$-quark pole mass ${m}_{b}$ and decay constant ${f}_{B}$ are also given. Numerically, we find that the form factor ${F}^{\stackrel{\ensuremath{\rightarrow}}{B}{K}^{*}}(0)=0.34\ifmmode\pm\else\textpm\fi{}0.05$ and the branching ratio $B(\stackrel{\ensuremath{\rightarrow}}{B}{K}^{*}\ensuremath{\gamma})=(5.1\ifmmode\pm\else\textpm\fi{}1.7)\ifmmode\times\else\texttimes\fi{}{10}^{\ensuremath{-}5}$, with a $b$-quark pole mass ${m}_{b}=4.7$--4.9 GeV. Our results are different from those of Ali et al., but the resulting branching ratio is still comparable with the experimental observation.