Darth Vader, Good Question but you already answered it too. its the 2nd one, but its always evolving according to the practioner. Same as yang style there is the short and long form. I've heard from a friend that it is also evolving. According to the application you are also right that it is base on the practioners expierience. Well the names of the forms can't be change since thats what is being called or it is the norm that a particular form is called like repulse monkey, wave in clouds, insert needle etc.
Keep on practicing Guys. Peace