Im going for option 2 cause according to Jon's own words its the most logical

A part of Jon's Fanzine Letter:
>>
Richie is here today at my house as we're writing the new record. I'm pretty happy so far with the writing but we have a long way to go. We're hoping to start recording in the fall for a summer 2005 release. in the meantime, we're mixing the box set. All i can say is it's going to be great. I've approved 55 songs, most of which have never been heard. Some have had limited releases but never on the official albums. We'll title it and write liner notes when it has more of a shape. I can't give you definitive release dates as the company doesn't yet have it's act together. It is frustrating after 20 years and 100 million albums sold that the latest regime can't make anything happen but excuses. Still, we're optimistic
>>