I'd go with the first myself. Though HDR is a personal thing - some love it wild and some love it mild.
For me, I pretty much draw my personal line with HDR when you start to see white haloing or light painting around objecs or words - that for me is when it starts to look to fake or processed. See how the balloon and the palm trees on the right have a white aura all around them? That makes it stand out too much as a processed work and I tend towards liking reality in shots.
Though again, not a criticism - HDR is all up to what you like and want to convey - as is photography itself!