What is the best way to study?

I prefer the 2nd option. to read, understand, analyze and then write it in my own words

There are so many ways to study, so you should choose according to how your brain memorises the best.
I would choose the second option, but you can also consider other methods, such as: recording yourself while reading your notes/textbook, then listening to it, asking someone to ask you questions from the text etc.
Also, you can think about how often you take breaks from studying and at what times you study, it all matters.

when you need to remember some point which are difficult to understand at that time you should keep pencil and page with you and make important note which will helpful to link that particular point. it is the easiest way of understanding the complex concept.