I like the first better. I understand the idea of blurring moving water, and it can be nice at times, but I think it's become something of a cliché when it's overdone. The first one has plenty of movement showing, in part because of the highlights, but it still looks like water. For my own taste I think I'd rescue a little more of the highlights, so that the edges of the lower fall gain some definition, though it's hard to evaluate a JPG on a laptop here.
Nice waterfall for sure. It looks a bit like Bittersweet falls here in VT, though it will be a while before we see anything but ice there.