Don't take it too personal, but they both aren't appealing. Is this logo for this website? Using the original logo, I would first eliminate the blocky text and use something like an Arial font and enlarge it. Then apply colors to see which one stands out but not too bright. The rings is symbolic so we'll have to cut that out and strategically place it with the new text.
What is this for??? Just showing off your first creation in PS?? If so, keep it up, you will get better. Or is David having a contest for a new logo, because if so, I will give it a whirl.