Thanks for all the comments everyone! #2 was a compromise shot. Originally it was a 4x5 landscape showing more of the lake, but it ended up unbalanced due to Temple Crag and the Milky Way. I prefer #1 since it doesn't use the Milky Way as prominently. I found myself operating my night shooting schedule exclusively around the Milky Way core, so I'm trying to step away from it. This time the majority of interesting features were to the south and made including the Milky Way a necessity. It was too far east in the early night, and it ended up being a distraction, so a tucked it behind the left peak to make it look like an eruption (like Tom said).
Tim