I prefer this version because it's simple, subtle and intuitive. I would prefer to avoid using any horizontal, sequencial sub navigation links like the current site has.
I see in Aaron G's design he has a 'starburst seal' that says, "Apply Now". While I believe it's very important to be focused on recruiting new students, I believe if 'Admissions' is the first link in the top left corner, that is adequate for recruiting purposes. The 'starburst seal' is a good advertisement, but seems overbearing in my opinion.