HELOC - higher LTV at higher rate worthwhile?

[Filmon Michael]

Hello BP. I am trying to tap into my home equity (Heloc) for buying additional investment properties. Lender gave me two options for Heloc limit and rate: Option 1 - limit of $171k at a rate of 4.75% and Option 2 - limit of $208k at rate of 5.75%.  Which one would you pick for max utilization of the equity. 

If it helps, property value $370k and first mortgage balance $125k. 

Thanks!