If buyback will get you back what you purchased for the car then I would go that route. You won't be out any money and have the option to purchase anything you want. It sounds like the mechanics that you've been taking it to aren't doing the job right (and how many will actually spend the time to get warranty work done correctly?).
To me option #1 would be risky. They may not ever fix it or they may fix it for a few weeks. Either way, if you have them work on it they might try to screw you if you go for option #2 saying that they already spent money repairing it so you have to cover that cost (or whatever BS they throw at you). Honestly I'm surprised you have these options from GM, I've read/heard that getting a car lemoned is really really time consuming and difficult.
I love the camaro, but I love cars in general. If I had owned 2 camaros that were consistently trouble I would be looking at a challenger or mustang as well after GM bought back the camaro.
Either way, good luck to you sir.
Edit: just noticed I'm late to the thread. Good luck with the repairs!
2011 Dodge Charger
Last edited by squat; 06-13-2013 at 12:04 PM.
Reason: I'm too lazy to read the whole thread