The last sentence of your question appears to confuse/interchange Option 1 with Option 2.
Also, in your description of Option 2 you mention the distribution being taxable on your 2018 tax return, but it would actually be taxable income on your 2019 tax return. The original elective deferral amount would be reflected on your W-2 and the corrective distribution would be reported on From 1099-R.
Regarding obtaining a distribution of $2,100, the distribution would have to be a return of excess deferral, not an ordinary distribution; an ordinary distribution is not permitted except as a hardship distribution and would not correct an excess deferral. I don't think that you are permitted obtain a return of excess deferral unless an excess deferral between the two plans combined has actually been made. It seems that you would actually have to make the elective deferrals to the new employer's plan, then, before the deadline for doing so, obtain a return of excess deferral from the S corp's plan. However, since you are aware of the limit on the amount that you can defer to the new employer's plan after taking into account elective deferrals already made to the S corp's plan and have not yet reached that limit, it seems inappropriate to intentionally make an excess deferral to the new employer's plan just so you could obtain the return of the less favorable elective deferral. It seems to me that you have an obligation to inform the new employer of the amount of elective deferrals you have already made to the S corp's plan so that they cut off your elective deferrals at a combined total of $19,000. But that's just my opinion.
A return of excess deferral is required to accompanied by any gain or loss attributable to the excess deferral being returned. Presumably the return of excess deferral would not be made until after the end of 2019 (and before April 15, 2020), after having made all of the elective deferrals to the new employer's plan, so the distribution of the elective deferral being returned would be reported on a 2020 Form 1099-R with code P, with the excess elective deferral amount reported as income on your 2019 tax return, and any earnings required to accompany the returned elective deferral would be reported separately with code 8, taxable on your 2020 tax return.
