I would probably do the $2.50 strike.
I wouldn't worry too much about the IV of the $1 strike. On those options there is only $0.02 time value you are having to buy. Market right now for the $1.00 is $3.76 / contract. Since the underlying security is trading at $4.74 then (option price - underlying - strike = Time value). Usually, the higher the IV, the higher the option price because the time value goes up. In this case...it is neglible.
However, the reason to buy a deep in the money call is to expose yourself to the same movement of the security with less capital. And although the $1.00 strike does that...you are still committing $3.76 / contract or ~75% of the underlying. The $2.50 strike is priced at $2.34 / contract or about 50% of the underlying. You are paying for a little more time value ($0.10), and the delta is a little lower...but not by alot. Once you start going higher than $2.50 strike the delta starts moving too much away from 1.00.
Just my thoughts.
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