Then, in that case, it depends entirely what your college is expecting of you.
Personally, I’d still treat it with a lighter touch and not deviate so far from what exists, for all the reasons I have outlined. Maybe look at modernising, and updating rather than redesigning. Treat it as a more typographical refinement. You don’t always need to reinvent the wheel.
However, as it is not a real world project, the result is going to be what is expected of you from your college course, rather than the approach that would be taken on real life. If you wanted to put any weight on what I have said, then perhaps have a word with your tutor and see what his or her thoughts are. Because it is a fictitious project, they may be wanting to see how you would approach a full redesign, ie, to judge whether you get the ‘tone of voice’ right. That being the case, I still think the citrus colours don’t work well. I think the yellow has to stay, given how recognisable it is.
My comments were not intended to slate it wholesale, ie, I am not trying to crucify you as a designer. It certainly doesn’t look amateur and could be a believable product on a supermarket shelf. My comments were based on the product it is and it’s cultural significance. Personally I am not a huge fan of scripty, jaunty fonts, though I can see why using them to change the tenor of the message and appeal to a different audience, might work, I just feel it comes a little too far away from what the existing brand is and you risk alienating its current market. I’d just dial it back a bit if it were me.
One final thing I’d say you could do to improve the second option, is remove the graduated tint on the circle. Looks a bit too bling. The product is a fairly utilitarian, down-to-earth, dyed-in-the-wool, sort of product, so making it glitzy fights with this.
As I have given you my thoughts on the feel of it visually, perhaps better others wade in with their thoughts too.
Good luck with it and let us know how it all goes. Remember, this is all just my opinion. Feel free to come back and tell me I was completely wrong and that you aced it!