The Original fits the vintage story theme far better, like others have said the New one looks too over saturated, modern, and corporate. The Original is something I'd proudly wear on a T-shirt or a hoodie every day, the new logo while fine, looks like something out of contemporary minecraft and more geared toward children. One of the biggest appeals of Vintage Story to me is the more down to earth feel, where everything you make is done by hand and takes time. The Original perfectly reflects this, appearing hand painted and like a real person took time to make it. I don't doubt that the new design took time, but it resembles too much the omnipresent AI "art" that plagues real artists, in a game that celebrates real art and real effort.
