On the picture below you can see a perfect example of a sloping shoulder. The neckline is pretty neat and well fitted. However, the moment we reach the armholes we can see a big space between the shoulder and the top part of the garment.
Personally, I was never the biggest fan of the shoulder pads as they've always made me feel like 1980's pop star (not exactly the look I tend to go for these days) so I always choose the second option.
I tend to take 1,5cm/0,6" from the top by the shoulder point and (depending on the pattern) leave the armholes as they are or lower them by another 1,5cm/0,6". Of course your measurements may vary from mine so just make sure that the seam line sits well on your shoulders.
1McDougald, Ch. (Ed.). (2006). Vogue Sewing revised and updated. n.p.: Sixth&Spring Books. p. 308.