I prefer the first version, I like the space you have to one side, stops it from looking overfull if you know what I mean. However, I would add a border to it.

The smudging is great and I actually like the two different colours, text isn't bad either.

The only things I have to say are that I think the pen tool? on the blue side of the sig would look better if it was a light blue or something and on the pen tool thing next to the text theres a grey? cricle or splatter brush which is a bit distracting but aside from that I like it. Nice work man.