I love both of your versions, but this one fits better with the situation of her return. This is a such sweet scene you drawn.
Must be the first night when she met her batponies servant for the first time in over a thousand years. Actually, they were reticent at first or even scared to meet her or even be close to her following the events of her transformation as Nightmare Moon, despite her being no more this evil incarnation of herself and becoming again the princess Luna, the princess of the night and dreams. Luna felt herself considerably weaker following her "harmonization" and never expected anyone to even forgive her for evil past and present doing and never dared to asked for forgiveness. Even less to be considered their princess again.
But, suddenly, a mare batpony, after observing her from a distance and seeing and hearing her peers being afraid of her and worried of what actions they may take, made the first daring move.... and bowed in front of this weaken version of the night princess. She understood that if no batpony would do a move, it would had end into a rebellion against the throne. So she did, not simply for preventing a catastrophe fueled by fear, but after observing Luna, she knew she was no longer thread, her skilled eyes not lying to her and her readings of the old stories of the past helping her judgement. She was even so honored to bow to the missing princess, the one she learned she was supposed to serve under her commandment and all batponies guards for over a thousand years. Despite her lack of rank, she bowed low and for waited for her reaction.
Luna was shocked. Only by watching this simple gesture from her guard, she was so moved that couldn't hold her tears. The ponies of Ponyville showed her the love they had in her egard with big festivites, however she knew how important it was and never expected it so soon to be accepted by her night servants. She had a hard time to contain herself to take that pony in her hooves and hugging her, the happiness so overwhelming. But she had to. She was their leader after all and had to keep her image as one. Sadly for her. She asked her subject to raise which she did with the same grace she did for her bow. She asked her rank, which she responded as being simply a humble batpony. The batponies guards were astonished and mostly ashamed that a civlian would have took the honor to be the first batpony to bow in front of their princess after centuries and she felt their discontent growing. So, after a quick chat and a second bow she tried to leave. But Luna holded and asked her to follow her for a reward she felt she was deserving.
In the way she trotted by the princess's side she looked at the guards who were staring at her and sticked out her tongue at them.... unable to stop grinning afterward.
I hope you liked this little story. Awesome work. It shows your love for Luna just by how beautiful she is in your piece. I like the way you draw wings.
The common ponies forgot Luna at least, but they sure remembered nightmare moon, if nightmare night was any clue. We don't know about the batguards or anyone else that used to be under her command though, I kinda doubt Celestia would have let the knowledge fade where she had any say though.
Love this pic though. ^^ Luna almost openly weeping with happiness at being welcomed would definitely fit. Not quite as open as her sis, but can't say she's not as loving to her little ponies.