Ah yes, the famous Inverness shipwreck. I know it well.
I'm biased towards B&W in general, but in this case I think the monochrome tonal values lack visual punch. However, that might be correctable in the conversion process. As it stands now, the color version wins.
Also, this comparison would work better as two separate JPEG images rather than an animated GIF. GIFs are by definition limited to 256 colors, so what we're seeing is a poor approximation of the actual color shot.