Having great respect to Vern' photography skills, over the years I learned to trust implicitly when he says something, and use it as opportunity to learn something.
Thanks a lot for this zeljkok. Truly your photos are spectacular and this one is no exception.
In this case I would have to say that for reasons I find hard to discribe I am drawn to the first, 100% JPEG photo!
But lets have some more details such as location, lens, focal length, filters, shutter speed and aperture etc ! This is indeed a amazing photo.