The one on the right looks like the correct original (un-updated) part. I have never seen the one on the left before. I make the previous statements based on what I have seen performing maintenance on the 5 05 900's that I ride with.
BTW...wrt powervalves, I have been about to make a post to let people know that I have seen 2 powervalve failures in the last 2 years. In both cases, the powervalves broke on 05 900 sleds with approx 13000 km on them. In the first case, the guillotine went into the cylinder causing catastrophic failure as the piston slammed into it. In the second case, the guillotine settled in nice and tight with the piston making it really hot on the exhaust side wrecking the piston, rings & cylinder. I perform regular maintenance on my machines which includes annual cleaning/inspection of the guillotines and I'm not sure how this would have been caught. As a result of this, I replaced the other guillotine as a preventative measure.
I have also heard about instances where the cylinder guillotine seat wears and allows the guillotine to enter the cylinder causing similar problems.