I think your first equilibrium would be hard, for two reasons. First, empirically insurgencies are extremely difficult to exterminate; over the long run they tend to win. Second, in the U.S. at least, people tend to look at politics up close, and when you're myopic like that it appears that the government is a force onto itself. But zooming out, U.S. government actually mirrors the will of the people extremely well (with the exception of some issues on the margin). If there is overwhelming political support for redistribution it would be very difficult to resist.

The second equilibrium seems more likely-- the capitalist class grants the public a bare minimum to keep us from forcing political action. In the AI world "the minimum" is probably a much better standard of living than we have now, as the marginal cost of many products and services approaches zero. So we end up living much better material lives, but are still not free. Maybe this is stable, or maybe the ruling class loses dominance over time. At that point, who knows.