Watch the At Tempo Playalong: Variation 2 online guitar lesson by Tierra Negra from Magic Gypsy Chords & Rhythms
The 2nd variation creates a fantastic flamenco sound, because now you use the open strings. Play the F#-minor with open strings, followed by an easy E9, again the D with the F# in the bass, and shift the chord down, remembering to mute the A- and the high E- string.
But there is one difference in the last bar! I shorten the arpeggio, this gives me more time to move back to the first chord. So I leave away the last (p)-(i)-(m)-(i)-(a)-(m) in the end. Make sure, that your (i) (m) and (a) fingers move to the higher strings when you get to the 3rd and 4th chord.