I’ve heard it’s the first but not really sure. Anyway, the overseas version linked in the post is particularly cute since the singer is obviously not a professional and it feels like the main character herself is singing as the voice actor is probably the same as the singer. I was like “what the hell is happening?” when I heard it first time on my SNK Anniversary collection.
Here is an alternative Piped link(s): https://piped.video/watch?v=684yGJRre0A
Piped is a privacy-respecting open-source alternative frontend to YouTube.
I’m open-source, check me out at GitHub.