That newer title screen is just so much better looking. Without a doubt, it certainly looks a lot more natural and vivid than the one before!
For criticism regarding the animation, I'll just first say that I noticed a rather odd difference between frames. Having a closer look at the frames, you can tell that some frames look a bit smoother with thinner outline, while other frames have harder edges and a thicker outlining in general. This might have to do with how you sized down the frames, so you might want to make sure that you resize them through the same method. I personally like going for the Bilinear option, when it comes to these, because it doesn't leaves the weird anti aliased brightening near outlines.
Other than that, it's not really major things, just some inconsistencies such as the pupils, and other things that could be improved. I personally feel that Sonic's head shading looks a bit flat in the last frames, and that they could have some more depth into them.
There are other things that could be fixed up to make the animation flow better, but I feel they are a bit hard to explain, so I'm going to show a quick demonstration of what I mean:
Comparison between animations:
Just a thing, using the frames I edited wouldn't be much of a good idea, given it was just a quick edit I made, and it's not with the game's palette either. Keep in mind it's for visual reference as a pointer on what to change on the animation.
Still, I'm happy to see that you got around fixing the title screen animation~