What was going through Yocheved's mind?

Off line, I'm arguing with friends about Yocheved's motives. As you no doubt recall, she set her infant son Moses floating down the Nile River. But why? There are two ways to read her story, each having some support from the classic commentators.

Version 1:
The woman conceived and bore a son; and when she saw that he was a good baby, {ie: That he didn't cry, and could therefore be concelead} she hid him three months. When she could hide him no longer {because he was older and louder} she got a papyrus basket for him, and plastered it with bitumen and pitch; she put the child in it and placed it among the reeds on the bank of the river {...thinking to herself, I can't bear to see the Egyptians kill my son, and I can't bear to kill him myself. Instead, I'll abandon him or, alternativly, I'll set him afloat on the river as a form of protest.}

Version 2:
The woman conceived and bore a son; and when she saw that he was a good baby, {ie: that he was born circumcised, or welcomed into the world with some supernatural sign such as a house full of light} she hid him three months. When she could hide him no longer {Alternativly, the supernatural sign might have been that he survived despite being born three months premature; now, three months having passed, the Egyptians are coming for the baby.} she got a papyrus basket for him, and plastered it with bitumen and pitch; she put the child in it and placed it among the reeds on the bank of the river {... thinking to herself, the omens tell me God has a great purpose in mind for this child. I am certain that He will look out for my son.}