Not a pro but option 2 looks like the way to go and is how the blaster is set up, since when your on the Gas all the tension will be on the top, the chain going over a roller on the bottom front seems to be the ticket. I would think the chain would be easier to adjust if it you were able to set it a bit tight when unloaded and normal chain slack with you sitting on it, the roller in front and the chain guide In the back both o n the bottom should do a good job of controlling any looseness wit the swing arm Compressed.
If you were to choose option 1 then the chain would have to be loosest when you were sitting on it and cruising around only getting tight when the suspension is compressed. It might be a pain to figure out how loose it needed to be, if something happens you don't get it loose enough then land hard enough on the back wheels, it could be bad news for the chain, output shaft bearings, or axle bearings.
Just my 2 cents, I am sure on e of the more experienced guys will chime in with what they know will work.
looks like someone experienced did beat me to it , and plus one to his thinking.
If the chain went under the roller, when the suspension compressed and the chain got tight it would shred the roller first, which if your lucky might loosen the it up enough to keep from stressing the Chain and bearings.