The latter option is the least likely to be honest while the first is the most likely. C.C. actually still being by Lelouch's side in the end would be a huge surprise.
Given her comment in the cave after saying her name, it appears she had a lover in the past. I wouldn't be surprised if she longs to see this person again or if they are the third speaker.
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By the pricking of my thumbs, something wicked this way comes.
"Nearly all men can stand adversity, if you want to test a man's character give him power." - Abraham Lincoln
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