I like both outfits, but hey, I was that woman wearing the long cardigan at the mall today. I'll never get rid of some of mine -- no way! Though I do really like Vildy's point about energy moving downward or something...that resonates with me, despite the fact that the stripes are horizontal there. Maybe the energy moving downward is why you wanted to get rid of the earrings, too? I wonder.
My most worn long cardigans are solid reds, maybe that amps up the energy again.
Anyway, I love the shirt as jacket on you and think that type of look is a slam dunk because it is current, in one of your best colours, and it adds structure, similar to what a jacket would do. So there you have it. The shirt also works so well with the sneakers.
I wear a lot of button front shirts in summer (when temps allow). I used to wear them as a third piece over a tank -- haven't done that since probably the 90s but would do it again. In any case, the main reason I wear them is because I love the structure.