I'm not sure about the river overcall, but it seems like option 2 is better as far as the turn goes. My reasoning is that BB seems to have an Ace, so you're either way ahead or way behind him. If you're ahead, you don't mind him betting in to you again on the river, and you might make up the extra bet you lose not raising from the SB. If you're behind, you're only asking for trouble by raising. Meanwhile, SB looks to be on a draw. If he is drawing to 2 pair/trips, he has five outs, and you can offer him 7.5:1 by just calling. This is insufficient odds to call, so there is no need to raise to protect. If SB is on a flush draw or has a pair + straight draw, you'll be offering 8.5:2 immediate by raising, but 9.5:2 including BB's call. This gives him sufficient odds to call with a strong draw anyway, so raising probably won't protect your hand either way here.