The first sequence will be followed..Let us see how..
It is given binary down counter..So counting will be from high to low number..
It is to be noted that A2 is connected to S0 , A1 is connected to S1 and A0 is connected to enable line of multiplexer..Also it is a active high multiplexer so will remain active when enable = 1 else will be disabled and 0 is given as output..
So initially we have the value of A2 A1 A0 = 1 0 1..So value of S1S0 = 0 1
So output for this will be : I1
Next the value of A2 A1 A0 = 1 0 0..So enable becomes 0 so output will become 0
Then next value of A2 A1 A0 = 0 1 1.So enable becomes 1 again and hence we see S1S0 which is = 1 0..So I2 is given as output..
Then he value of A2 A1 A0 = 0 1 0..So enable becomes 0 so output will become 0 ..
Hence the sequence is I1 -- 0 -- I2 --- 0