Question regarding the working of slightly different oscillator topologies
Regarding what you said about the first circuit: -

This circuit oscillates at 53.8Mhz. It is quite easy to understand how
this circuit oscillates just by looking at it.

For the 2nd circuit you said this: -

Now, my question is how does the above version of the Colpitts
oscillator work?

Given that you know how the first one works the only thing that needs to be explained about the 2nd one is that the collector capacitor, is still connected to Vcc regarding AC signals so, there is no difference in how they work. In other words, the DC source (V1) has zero AC (and DC) impedance and C4 is still effectively in parallel with inductor L1.