I really like Ben Gibbard's work (but I haven't kept up with it in years). Same with the Monkees. Clearly, I have some catching up to do. I'm enthralled by both versions. The lyrics (same for both as far as I can tell) are primo. The tunesmithing is first-rate.
These are almost two different songs--what a difference the arrangement / backing makes. I would probably prefer whichever one I had heard last. But to give a relative ranking:
The alternative track is much more contemporary--with a Death Cab for Cutie vibe. It would clearly be the radio hit if people listened to the radio anymore.
But I prefer the original version, because it spotlights the vocals and the delicate Nesmith-Dolenz harmonies (which I prefer to the fine vocals on any of the other Monkees songs that I know).
Original version: 96
Alternative track: 95
Many thanks for helping bring me up to date and to discovering this beautiful song.