I like #2 better than #1 because I can see more of the surrounding landscape, but it's at the price of losing some of the water detail. It's definitely a tough exposure to get -- maybe impossible given the limitations of the exposure range. I'm not sure if there's any time of day that you wouldn't have this problem given this location.
I can't remember from your earlier posts if you are shooting RAW or not. If you are, my suggestion will be a little easier, but it would be possible either way.
You might try doing a sort of pseudo-HDR shot. Process one for the water, and one for the surrounding landscape. Paste one (say the one processed for water) on top of the other (the one processed for the surrounding landscape) as a new layer. Erase the improperly exposed landscape from the top layer, allowing the properly exposed landscape to appear next to the properly exposed water.
Looks like a fun place to shoot.