I think the old version was a bit more expressive. The slightly crooked smile and downward angled face gave her a mysterious femme fatale look.
Going with the new version, though, the upper lip seems kinda puffy and undefined. I'd define the parting between her lips more.
Also, lipstick doesn't create hard edges, it fades into the skin a bit. And you don't apply it thickly in the corners of your mouth, because then it will smear during the day and look silly. So, I think it's better to define the corners of the mouth with brown instead.
Some texture on the lips would be nice as well. Lips aren't completely smooth... and that's even more noticable with shiny lipstick.
Furthermore, I think the dark shading above the eye goes up too high, making it seem like she's missing part of her eyebrow ridge.
Lastly, I think the lip and iris colors really stand out too much. Especially the lipstick... most girls, including myself, would never wear a color like that! It's not flattering at all, IMHO. I think it would look much nicer if it was less saturated and closer to brown. The iris would look better if the colors were closer to the cg and if there was more of a shadow on them from the upper eyelid.
Here's what I would edit: