I like the second one. Basically you don't have a hand yet you just have the chance of a hand, some days you hit some days you don't. But what you have done is win the hand regardless of whether or not you actually would have made a hand. Also because you are drawing to the nut flush hand it makes it a harder call when you shove over their check raise.

How much are you going to get paid if you wait till you hit the draw? probably not a lot. Use the fold equity because you are folding a lot of hands that will beat you the majority of the time and won't pay if you hit.