Dimensional: Quite a nice shade of blue, very easy on the eyes. The dimensional effects flow well with the body.
Transparent: Whoo, boy. Quick summary of everything that's wrong (though keep in mind I'm not an anatomy expert):
* Should not be bones in the ears and head fins
* Leg bones don't attach back to the spine, leaving them floating in between the ribs
* No spine at all
* Rib cage should end probably right below the legs, with a tail bone supporting the rest of the form
* Should not be bones in the tail fins either (should just be cartilage)
* Only a heart and thin trail of intestines - no lungs or any other organs
Conclusion: Peophins are in horrible pain all the time.
I'm really surprised they redrew it, to be honest - The last time they redid a pet color was, what, 2002? It's great to see them fix it though - the new version is gorgeous, and I don't any glaring anatomical problems.
The original looks more like the quick thumbnail sketch you'd absentmindedly doodle in the meeting after somebody suggests transparent for this year's Peophin Day. I'm impressed that they redrew it.