I like the regular more (fits the tone of that game better). Here are some nitpicky comments, but let me state that overall I think it's great... just drumming up discussion:
Not sure why Yorda's hair is brown instead of the gray/silver tone it was in the game. Both Yorda and Ico look a little off to me, but that part stood out most.
I also think the title blends into the background a little too well, and not in a good way. That happens on both the regular and the variant, and I think has something to do with the color used for it.