[nkassis]

I'd personally pick number one. Having a large salary probably isn't going to make much of a difference to you ( For me it's fine as long as student loans are paid, small car, apartment, and a happy wife. Oh and FOOD!). If you think the product is interesting and you have a chance to make a difference you will be much more motivated to make something good that will spruce up your resume.

I did the same, I'm working for significantly less than what a programmer would make working for BigCo X but I build awesome stuff that's actually being used ;p

BUT, if you take 1) make sure you don't stay there longer than you need. Staying in the same place too long is a big mistake however good the place and project might be.