Do you mean the other way around? The second one looks super exaggerated to me (and looks totally off as a result).
Edit to fix bracket and to add: I'm not sure if I've ever posted this, but one of the things I think is really cool about AVWW is how I can play an awesome female character, and I do that exclusively. I'd be pretty disappointed if they got turned into fanservicey things like the second picture there.
In the first image, her head makes up like 1/5 her total height, making her proportions very childlike, which is what I was referring to. You are correct in that the second image is also quite exaggerated; I wasn't being specific enough.
AVWW's current character art features people with natural adult proportions, which I totally agree is a wonderful thing. I much prefer it to crazy fanservice women with giant bosoms. I just don't know if the proportions of the first image really match AVWW, since they are so youthful.
And to be extra clear, looking at something like Braid, obviously you can have these cute/youthful proportions and still have a serious, mature tone; I'm not saying they're bad or immature or less serious inherently. Just pointing out that AVWW's current character art focuses on naturally proportioned adults.