I'd pick number 2, only because I've had a light-coloured canvas bag before and it only lasted me about two weeks before it got really dirty. If you like to put your bag on the floor in class or really rough with your bags in general, then I'd suggest you'd get a dark-coloured canvas bag or not a canvas bag at all.

And for the size.. The bags you're thinking of getting are also only 2 inches wide.. that'd probably hold one or two binders? For a little more than $75 you can buy a Lululemon bag which is much better quality, bigger and versatile.