I voted for #1. Just seemed more pleasing to me.
I went through logo selection and registration for a company
I started about 10 years ago.
Some other things you may want to consider.
How does it look when zeroxed? i.e. does it still look ok in b/w? (FAXes)
Logos that are long and narrow don't work as well on certain
things like watch faces, polo shirts, or shirt pockets.
You may want to consider a graphic only portion without
text that can be used as well.
A good example of this is to look at the Sun Microsystems logo.
SUN Microsystems Logo (upper left corner)
They have their full logo which includes a graphic of the
letters "S-U-N" along with text. They also have just the "SUN" logo.
When you register your logo with the PTO it is a full graphic regardless
if it is just a graphic or a graphic with text.
So if you decide to register it, you may want to register multiple
versions so that you can protect versions with and with out text.
--- bill