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I prefer the first one over the second.
The second has way too much text. Takes too long to read, which in a logo, I'd say was a bad starting place.
The first one is nice and simple, which is great. I also like the lack of space between the words and the ampersand.
Perhaps the sand could be brought a little closer to the wording, for a bit more tightness.
Only downer, the loss of the shadow. The drop shadow gave it depth. The problem with the first version was that it was just a block of shadow. If you can make it 'reflect' the wording, then it will be very effective (thats why I've marked the engagement down on comparison).
