[I just ran a sim on circuit 2 (for what it's worth). Both ends of the coil fly positive, with a very high voltage damped oscillation on terminal 1. I used a 10mH - 20mH inductor with 50 - 100 ohms of resistance, paralleled by various capacitors in the range of 10pF - 100pF. The interesting thing was that the peak voltage on terminal 2 is apparently held by the capacitor(s), because, in the sim, the voltage on both terminals settles rapidly and holds flat at several hundred volts, the actual value depending on the capacitance, inductance, and resistance of the coil. Not an intuitive result, at least to me.
Of course, most transistor and LED models don't include breakdown voltage, so these values would be clipped, and devices would probably be damaged.