Pretty confident it's the former, which if the case, essentially ends the pandemic in a month after it's distributed, given that the R0 would drop precipitously.
The challenge will be reconciling this with the antivax crowd given that as the vaccine rolls out the rate of infection will come down correspondingly among the whole population (including the unvaccinated). They'll immediately claim that the virus is "going away on it's own" as opposed to the truth, which is that potential spreaders are being steadily removed from the susceptible population due to the vaccine.
The challenge will be reconciling this with the antivax crowd given that as the vaccine rolls out the rate of infection will come down correspondingly among the whole population (including the unvaccinated). They'll immediately claim that the virus is "going away on it's own" as opposed to the truth, which is that potential spreaders are being steadily removed from the susceptible population due to the vaccine.