Option 1 is fine. It's known as the two lock variant. If you look at LinkedBlockingQueue operations such as remove, it locks the putLock as well as the takeLock. Here's a sample of what the JDK does:
public boolean remove(Object o) {
if (o == null) return false;
fullyLock();
try
{
// ...
}
finally {
fullyUnlock();
}
}
/**
* Lock to prevent both puts and takes.
*/
void fullyLock() {
putLock.lock();
takeLock.lock();
}
/**
* Unlock to allow both puts and takes.
*/
void fullyUnlock() {
takeLock.unlock();
putLock.unlock();
}