The correct answer is number 2 and shows the spontaneous breakdown of hydrogen peroxide into water and oxygen. Hydrogen peroxide is eventually going to break down into the water but because there isn't enough hydrogen, oxygen will also form. Hydrogen peroxide should never be consumed like water.
Even though it has similar properties and the same type of elements and similar molecules, it is NOT the same. Ingesting too much can be fatal and if consumed, several large glasses of water should be taken to dilute the chemical. Otherwise, hydrogen peroxide is safe and effective for treating cuts and scrapes.