The first is an optical stylus; it has a camera at the tip which tracks special pixels and invisible markings on the screen to input directions.
The second relies on haptic feedback using a haptic actuator and short-range wireless receiver. It uses the bezel of the iPad or iPhone to receive vibration commands, which seems a rather round-about way of doing things.
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We're not really expecting to see Apple launch a stylus alongside the iPhone 5 or next iPad or anything, but it's interesting to see the direction Apple could go in if it decides to hop aboard the stylus gravy train.
From Apple Insider