I do not think that those two loops ( shown at the second picture ) should be considered as variations of the "same" knot... Their nipping and collar structures are very different.
The second one is much better than the first - ( which has so many essentially one-rope-diameter sharp turns, because the two segments the turn encircles each time are unfavourably placed regarding the path of the turn, the one on top of, not next to the other).
However, even in the second one I feel that the Working End does not follow the most proper, "optimum" path, so that all curves become as smooth as possible. I believe you can modify it, and possibly make the curves more "fair", and the whole nub more streamlined.