I like the other one more, but I dig surrealism and fishies floating in air qualifies I do like them both though, and the lack of bubbles on the other one makes me kind of sad cause you draw really pretty bubbles! I'd combine the two, although I don't know if you ever want to look at this concept again. XD Just my two cents!
I like this one better. I'm usually not a fan of photomanips, but you've definitely surprised me, and pleasantly. I thought this was a painting at first. It's really cute and really rustic. Great job.
If you want a little critique though, I'd just say one down the brightness of the bubbles a bit if you want to go for a "truly" underwater feel. Though I have no clue what your intentions were, maybe this is exactly how you want it. And like I said, it's fabulous as is. C: