What is the proper aspect ratio -- 2.35:1 or 1.85:1?

The German Blu-ray release of the Nemesis series has versions of NEMESIS in both scope and 1.85:1.

I always thought the original aspect ratio for NEMESIS is 1.85:1

The problem is, the 2.35:1 version included on the German Blu looks much better and has a much larger filesize (19 Gig) than the 1.85:1 version (15 Gig). It uses a much better quality encode. They call the Panavision ratio version a "Japanese theatrical" version. The top and bottom of the frame have been cut off.

What is the correct ratio? I'm confused on the issue.