I would think that really depends on the time that option 1) will be running and whether it will use the monitor shutdown method anyways...Even in suspend mode case and cpu fans are still running drawing power as well...
So at my house I turn on the computer when I get home around 6:00 mess around with it a bit which consumes more power as you use it and its multiple devices for about 1-2 hours depending...turn it off around 10:00 or so.
question is does 4 hours of moderate use take less power then 24 hours with probably same use plus suspend mode enabled for other times. In my case my method probably conserves more power. I am hardly the average, but it does seems some other variables need to be set here as well to get a clear answer.
I think off will always save more power then suspend mode do to items that are stil running regardless. If option 1) doesn't employ any suspend mode then I say option 1) needs to determine length of daily operation.
sidenote: many have problems with microsucks power management anyways and can't employ it. I am one that suspend mode doesn't like to always come out of so I disabled it.