Which columns (and order) to choose for a clustered index to maximize query performance
Generally, you want to order the columns in the index based on cardinality. That is, the most unique column first, then the second most unique, etc. So, you need to answer whether parameterid or measuretime will have the least duplicate values. Example: if Measuretime has fewer duplicate values than parameterid use option 1. Then, for optimal performance you need to edit your queries to reference the columns in the correct order.

Something to consider, however, is the pattern of writes to this table. Is the data inserted in the order of Measuretime? Will a new ParameterID always be a higher increment of a previously added one? Are there lots of updates and deletes to this table?

The advantage of having a surrogate key, like your ID column above, is that it ensures ordered inserts into the table/clustered index. Among other benefits, this avoids page splits on inserts. 

Also, if the combination of ParameterID and Measuretime will always be unique, you could consider a composite primary key. This has its downsides, but is a valid option.

Here's a good explanation of using composite primary keys: http://weblogs.sqlteam.com/jeffs/archive/2007/08/23/composite_primary_keys.aspx