If I were to go option 2, I'd maybe go for something more like these that perhaps follow the line of the seat unit more. Not saying I would though. I'd maybe go for a traditional setup, one either side lower level (boring I know). I guess high level makes the single side swing arm look nice and easier to get to the wheel? but I do like the stubby Akra near the belly pan on a Panigale. Personal preference. Sorry I digressed. Stubby with Db killer.
I do like the high pipes. Better than the shotgun look. Will need a map and probably performance filter then
@Not Carl Fogarty has got it in one, re: Zard/2nd option - if the can angle complimented the seat/frame angle a la 916 then it's by far the best look (to me). EDIT the Zard connecting pipes are also a straggly mess - what were they thinking of..
Number 2 looks better and sounds good but it is hard to compete with the Termi sound, i would still go with number 2.