It really depends on what you plan on doing that night. Are you planning on staying in side or going out side? If you're staying inside you can pull of the second one. If you're gonna be outside I suggest the first one.
I'm wearing the same thing I wore last year: a gold sparkle dress that you can only wear on New Year's because it makes you look like a firecracker. I'm celebrating with a whole different group of people this year, so it will be new to them! LOL. :)