I too voted option two.
Thinking about it, my answer might change depending on additional factors. I assumed this was to be an open ended campaign. OTOH, if it's a closed campaign with a real world time limit (say - one school year or something like that) then I'd probably lean towards option 1.
Option 1, for me, is a tighter campaign. Which is great if you want that. I think most people though, including myself, start campaigns with the (probably vain) hope that the campaign will keep on going into the future.
So, if there are no time limits or other constraints, and the group is not interested in exploring particular themes, then option 2 is likely better for me.