I chose Theory 2, since I subscribe to the 'Trousers of Time' idea popularized by Terry Pratchett's Discworld series. This seems to fit closest with the already (apparently proven) extremely popular theory of alternate universes. Everything that can happen has happened somewhere, in some universe, but not necessarily in this one, so by looking at Theory 2 all it does is send you down a different "Trouser Leg" of time, as it were. Similar to what happened in Night Watch to Sam Vimes, but in a real setting. And yes, I did understand the concept of time in that book, I wasn't one of the masses who had to reread it to understand what the hell was going on.
That said, I also think that in each individual universe, the passage of time is self correcting, so although you can enter a completely different reality yourself, you can never permanently change the one that you are in at that time.