Simplicity isn't necessarily a bad thing. I think there are really only two correct ways of spelling it, "Saya-jin" which is japanese, and "Saiyan" which is the english counterpart. I guess it's possible it's different in other countries as well, but if you're going to use a word in a design you should spell it right in the language you're using. Unless the mispelling is a stylistic thing. Like "Outkast."
That said I like the second one better. I think the type works well with the framing and theme. The color could be a bit more interesting I think, and the text could be a bit easier to read. If the type stands out more you could make the size smaller and squeeze all of "Saiyan" in there.