Cute, especially like the simple, but very effective face!
I think there are quite a lot of good things in both of your versions, so I tried to combine them in to one paintover:
I like your effective style, and tried to keep the sprite as simple as possible, but still give it some more distinctive features.
The main problem for me was the long thin torso, which you addressed in your second version with the addition of some hips. I followed up on that in my paintover.
The other thing which made her look slightly odd, as you noticed yourself, were the legs. They were just a tad too far apart.
I also lowered her chest a bit, and pushed some pixels here and there. Nothing major, just a matter of taste I guess.
I didn't know which age you were going for, so I made a second version with smaller chest and narrower shoulders to give her a slightly younger, teeny-ish appearance.