There is a third possibility that has the added advantage of explaining why John would allow the phrase to be ambiguous. He may well have done so on purpose, for the phrase may need to be understood as describing both the Father and the Son, for to know them is to have eternal life. Given the established fact that John has already referred to Jesus as God (John 1:1, 20:28), we should not be surprised to find such a usage in 1 John.
