Don't extend the current round - you can't say on the last month of the round that you will extend when we've all been playing to an end on this round.
I'd prefer the 5 year option over the 2 year, since it gives us longer to get going, and you guys less pressured to get multiworld released with fewer bugs. I'd hate to play a 2 year game only to be told that actually, it still isn't quite read yet.