There is a 3rd option.

Most competitors ahead of you have a strong tendency to try and out point you. So head up a little and tempt him to do the same. Do this for a 30 seconds and once he is nice and high and when he is not looking adjust your sailsfor a course lower than close hauled. When he looks threaten him again by pointing high and he will most likely try to up you one. Now bear off and reach through the hole he just lefts. When done right you will have just enough power to push through his lee wind shadow and into clean air. Than you speed up again and head up and complete the pass. Now he will get backwinded by your sails and soon he will have to fall off behind you.

This works best when you have a boarded cat again a little slower boardless boats. You waste a like height but after that you can continue on you top speeds again.

Wouter