I guess 1 because if I'm as decrepit as my pet, how will I care for it? While it's sad to lose them, esp. the really special one or ones, I feel obligated in having a pet to be able to care for it and give it the best life I can, and the big upside to outliving it is that I get to witness most all of its life and try to insure things like safety and regular happiness. That's not something you can really to with another human who has to be able to care for itself, but as a pet is somewhat reliant on an owner it's a different story. You can get pets that can live as long, but if this was a thing where you got to pick one pet to spend your life with, that'd be a different story, because I'd then pick the one who could take care of himself.

My current charge is loved and adorable but I wouldn't pick her for a life companion. I'd like to have decent furniture and sheets and such again one day, amongst other things, like, say, the deathly fear of rain when it's been raining for weeks is hard for both of us.

As an infant, I don't think I'd properly raise an infant.

If I had to choose, I'd go with 1. Pets are nice, but I don't know about one living as long as I do.
I really wouldn't choose either, though. I love sleeping. It's often the best part of the day.

2. Going through life never sleeping would get horrible.

As much as I love my dogs & my cat dying broke my heart, I wouldn't want a pet that could outlive me, which is why I will never get a parrot or tortoise.

But I love sleeping and my bed. So I'd have to pick #2 and make sure I have enough retirement savings for the pet & me.