Second maybe but it depends on the details. Never being able to love would be a bit of a bummer but is liveable. Loving someone that doesn't love you back is pretty horrible I would imagine, but I suppose it depends on the situation.
Can you be with them but they just don't have the depth of feeling that you do or do they just blank you? In the first I suppose you could be contented if you could never feel love as you don't really know what you're missing until it happens to you. Even if you did know what you were missing I think living a life with someone that you didn't love but still had a fondness for would still be better than loving someone and having them ignore you completely but compared to loving them and being in a relationship where they still have feelings for you but it's not full on love...no, I'd still prefer number 2, knowing or even thinking that the one you love doesn't reciprocate your feelings to the same level is horrible, drives you nuts.
So, after a lot of waffling, I go for number 2, be loved but never love.