I voted for the old one because I think it is much cuter than the new one. But I do like that you can move the ears on the new one.
As to the head rotating, when you have the head turned off to the side, it looks like the elephant is swaying, which sadly is something you see them do in a lot of zoos, but it is a sign of distress and means they are bored and unhappy. I don't want any swaying elephants in my playmobil zoo!