As for me, in these lines from /Sonnet 116/, the way how Shakespeare describes true love is being shown in the first option : as fleeting. I choose this one, because in the first lines author mentions that love is not a slave of time (which is an allusion to Death), that means love is independent of time but the last lines "rosy lips and cheeks" shows that ones who love can be faded as they age. So love is the moment that can't be captured by time, but can be captured by our hearts as long as we alive.
