I like the second one, but I'd like the "T" in two and last "S" in soaps to be the same height as the loons. I'd also like the soap name to be a different font than the rest of the label - so it stands out if I'm scanning a bunch on a shelf. I'd also want the "H" in handcrafted to be aligned with the "b" in body and the "z" in oz to be aligned to the "l" in artisanal. Basically, blocking your text just a bit to make it tighter... if that makes any sense at all.
I love the name. Two loons is adorable, elegant, and New England-ish. Hard to pull that combination off in a name.