I would go for first option. If you're a mum/wife and you have one or more kids. Work Life Balance is the key to everything in order you are able to watch your little one growth journey, you are able to cater to his/her needs and you're able to fulfill the events/occassion at any point that your family's having. After all, once we have a little one in our family, having WLB is important. I dont mind the slight pay cut, leave just to meet the flexibility. I, too previously had a huge pay cut from the same company just that I change my roles, my LOA terms and conditions and the flexibility that I requested hence the huge pay cut from previous role.But, I am more happy as I get more time with my little one.
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personally prefer flexibility & work life balance coz there's more to life than just work... time is precious too