Astrostu is right; the selective, bright coloring is all wrong for this picture, since the orange and yellow shirts are SO BRIGHT. It takes away from the soft, sweet ambience of the picture, of a little boy holding a little girls hand. Option #3 is better, but Option #2 is by far the best, in my opinion. Black and white is perfect for this picture.
selective colouring is a tool that should be used to draw attention to something. That is what is in colour. So by selectively colouring the shirts, you are conveying the message that the shirts are the main element in the image, not the kids
Instead of trying various colour enhancements, look into taking a better picture IMO. This picture could be greatly improve by better composition. Getting closer in to the subject, eliminating some of the distractions, maybe even shooting from the front, a different angle might help too.
Swinging a few steps to the left so that you are looking down the row rather than directly at the port-a-potties would have helped this shot tremendously. Also, opening up the aperture to reduce the depth of field so we aren't distracted by everything else in the image, and getting closer (not always possible I know). Always try and ensure you are getting the best perspective you can (assuming you have the few extra seconds to think about it). Otherwise I agree the the selective coloring detracts from the shot and the plain B&W is best; maybe even crop it in tighter if you can and possibly a light vignette to focus attention on the children.