What are good strategies for the "impossible turn"?
The already linked question has a link to this study. Its authors seem to have done the calculations and concluded that turn with 45° bank flown on the edge of stall lets you do it with smallest loss of altitude. Which is the point here. Don't forget you still need to glide back to the runway.

As rbp mentions below, flying the turn at edge of stall is extremely dangerous, so in practice you should plan turning around only from altitude from which the turn can be made with limit above stall (and don't forget in 45° bank the stall speed is ~20% higher and quickly increases with more bank) you are confident you can manage to maintain. This increases the altitude above which you should only attempt it but the optimal bank angle remain 45°.

If you used higher bank angle, you'd have to fly faster so you'd still have enough vertical lift to balance your weight. That would mean you'd need more lateral lift (even for the same turn rate the lateral acceleration is proportional to speed) to complete the turn and this lift would come with it's additional induced drag. Drag equals energy loss and the only energy you have at that point is potential energy due to altitude. So such turn would spit you out lower, which is the last thing you need. And note, that this is exactly your second option.

Also note, that due to reasons mentioned by rbp below your margin between stall warning and severe stall is even lower in higher bank, so that's another reason against that option.