The new one because the contrast is better. In the original, the orange color of the text is too similar to the orange used in the spaceship.
Also the jittery motion of the text draws more attention to it.
That being said, I would get rid of the "Welcome to CAT-POWERED UFO" at the bottom because it's redundant and conflicting. Is the user's eye supposed to be drawn to the jittery motion of the large title or the small title? Just put "Press 'Enter' or A button to Start"