The second. This problem is probably one of the least cool problems I've ever made, but maybe somebody somewhere will find this educational. I'll try to make some more interesting problems soon :)
(;AB[cp]AB[dp]AB[ep]AB[fp]AB[gp]AB[gq]AB[gr]AB[hq]AW[hr]AW[iq]AW[ip]AW[io]AW[ko]AB[kr]AB[kq]AB[lp]AB[mq]AB[nr]AB[ks]MA[hr]C[What is the best way to connect the marked stone? Assume that black will tenuki after your connection and that you have significantly more ko threats.]AP[goproblems]
(;W[is]LB[jr:A]C[RIGHT];B[lq]C[Since the peep at A is worth nothing, this connection is viable. For reasons why this is the best, continue playing. We assume black tenukis because a descent is not sente.]LB[jr:A];W[gs];B[fs]
(;W[fr]C[White can start a semi-picnic ko like thisRIGHT])
(;W[hs];B[fr]C[If white is behind in ko threats, White can connect anyway, yielding the same result as other paths. The option of the ko makes the hanging connection strictly better.RIGHT]))
(;W[ir];B[lq]C[Not optimal. For reasons why, continue playing. We assume black tenukis because a descent is not sente.];W[gs];B[fs];W[hs];B[fr]C[White has only this option. Compare with the correct path.])
(;W[jr];B[lq]C[Not optimal. Black really should atari, but for comparison purposes, we'll assume black tenukis.];W[gs];B[fs];W[hs];B[js]
(;W[ir];B[fr]C[White has only this option. Compare with the correct path.])
(;W[fr];B[ir]
(;W[es];B[jq])
(;W[is];B[ir])))
(;W[gs];B[ir]C[Oops])
(;W[hs];B[gs]C[Ends in gote for white.]))