I prefer the current one.
The connection between the arrows, AROS (AROwS) and the Amiga check mark is a nice one but I think the arrows you have designed need to be less literal arrows and something more stylised. Also they are too thin and long, the design needs to be more compressed or else the arrows and font appear mismatched.
The standard rainbow-gradient is too old fashioned for a modern "remake" OS, but there may be something there, it needs to be referenced in another way, and the black stroke is visually lacking.
The bullseye is a bit "meh", it seems out of place, unrelated and misaligned within the O. Not too sure about the choice of font colour either, black is uninspiring. The font references the Amiga serif font but I think it needs something more than just a standard treatment.
I can see this as very much a retro-retro design, almost too much like what we might expect to see on a computer 20 years ago, yet AROS is more of a blend of old and new, I think the branding needs to keep this in mind.
I'd like to see the ideas you have developed further.
