The 2nd one, cause it'ssharpened up and not blurry. This tag lacks alot of effects, so it's pretty hard to add depth, so i'm not gona even make a suggestion to improve that. The stock is really weird, and it's a head... I assume. Also, it looks like fan art, which is not allowed to be used unless you got the consent from the oriinal artist. Your smudging need swork, cause I can see a fadded part and it has a very harsh line at the bottom if it, up on the left next to the hair. The text, IMO is better blurred, it just looks better, so erase some or maybe all of the sharpen on the text. Also, there isn't alot of flow... so much as blobs of fg effects. Another thing... I think you should add some lighting at the bottom, and maybe burn the bg in some places.
I don't want to sound mean, but I am now emotionally scarred. ToT I agree with pretty much everything Danger Mouse said. I also think that you should get rid of those wierd lines in the bottom left corner, it doesn't go well with this sig at all.
