A rich thermal magnetic phase diagram has been determined by magneto-optical Kerr magnetometry and microscopy in a He+ ion irradiated ultrathin Pt/Co(0.5 nm)/Pt film. The components of the net magnetization and the evolution and disappearance of the ribbonlike magnetic domain pattern have been studied in the perpendicular to in-plane spin reorientation transition temperature region. As observed in a dipolar frustrated ferromagnet, the ribbon pattern blurs progressively with increasing the temperature as due to efficient spatial fluctuations. We emphasize the limitation of present theories for interpreting such a type of dynamic transition.