If option 2 were tapered at the hem I'd prefer that one, however it looks like there isn't much implied structure to create that nice balance; it might just look like a terrible sack.

However, #1 has those fitted sleeves, so I'll bet it would work nicely. Plus it's shorter, showing more leg, which also adds structure. It's hard to say how #2 will fit, so if you have to order only one to try, I'd put my money on #1...

I prefer the first one. There is nothing wrong with the second one either, I just think the shape and style of the first is more interesting, whereas the second one looks more conventional to me.