I personally use none of the above options. I have existing T-cleats on either side of the mast. I take a length of line with an eye spliced in one end that goes around one of the mast cleats. The line is just long enough to reach up through the reef cringle and have a stopper knot on the other side.
When it is time to reef, I slack the halyard, pull the stopper knot on the reef line down and tie off to the cleat on the mast. Easy, simple, no muss, no fuss.
hunter Legend 37 Semper Paratus
Formerly - Tartan 34C Yawl