The first version apparently reflects Richard O'Brien's original idea for the opening credits of The Rocky Horror Picture Show. The second is O'Brien performing a cool acoustic version.
This has probably always been my favorite song from Rocky Horror, for its geek bait lyrics and the wistful yearning of its chorus. I was introduced to the soundtrack as a teenager by a friend who was absolutely obsessed with the film, and mined it for profundities about life the way others might meditate on a favorite play or novel. (I've never felt as strongly, but it's entertaining.) I saw a live stage version in Edinburgh years ago (an official re-release), which meant the actors could interact with the audience and heckle them back. It was pretty fun. The usherette/candy girl who sang this (and also played Magenta) absolutely nailed it.
RIP Anne Francis and Leslie Nielsen.