Sorry for being too lazy to actually read all of the article that was
linked, but I remember from my high-school physics class that as light
travels through space, it can either be stretched or compressed (blue
or red shifting or something like that), as the space in which it
travels changes. This shifting would cause light to change spectrum in
some cases to those which we cannot see (such as UV or IR), So on that
logic, I would agree with the first one, because as the light travels,
it isn't losing any energy.