in my respectful opinion both are more of what I would refer to as '
sign layouts' rather than 'logos', not that there is anything wrong with that. But number 2 has more potential in my opinion for working into a more recognizeable, memorable 'logo'.
I would invest a little more time (if budget allows of course) and work with the client to build a recognizeable/brand versus a
sign layout.
as always I'd recommend taking a look at SuperDan Antonelli's work for a little inspiration flip through his books for some inspiration and try to create a true logo and then the
sign layout and multiple versions for the various uses-
-building
signs
-vehicle signage
-corporate collatera
-etc
it's a good start and with a little tweaking can easily become a logo for the company.