If you plan to overclock and use the GPIO for anything then use the 2A one tho in most cases the 1,2A one will also be enough. Also if you plan on adding usb devices you want to use the bigger one but using external drives will most likely need a powered USB hub.
If you only plan to use it as it is with only a flashdrive and such the 0,7A one will do just fine (even moderate overclocking will survive on 0,7A)
If you do not use the 2A one for something else then use it, if you use a weaker one and you drain more then it can give the pi will shut off.
Happy new year to you also
