Which 50mm to keep?

Keep the collapsible if it has good glass, and match it with a SOMKY-M.

This way you have essentially a collapsible DR Cron. 🙂
 
If you shoot mainly B&W, the collapsible Summicron seems to be well-liked in B&W images. In general, the rigid Summicron is an awesome lens. If you need a faster lens, a J-3 Plus may be a good choice or a CV 50/1.1 or 1.5. I would also consider the 7Artisans 50/1.1 for a good buy.
 
...and the 1.1 is tempting to me. That's a LOT of light getting sucked in.

It really isn't, don't let Steve Huffisms fool you. I use the 1.1 and 1.4s etc.
The difference wide open is 1/60 vs 1/45. i.e. maybe 1/2 a stop. And with the 1.1 that is all in the center of the image.

I don't think the Nokton 1.1 feels good on regular M bodies like your M2. Balance is off.
 
The Nokton is much heavier than a 1.4 or 1.5 lens, and it's true that it's f1.1 only in the centre (like every lens). For concerts though, I found that the extra 2/3 stop often enabled one shutter speed faster, compared to an f1.4 lens, and the light falloff didn't worry me for concert-type photos.
 
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