Well the ancient one is the traditional one. But we don't even need tradition to settle this. The scripture is as plain as it could possibly be.
There is a difference of opinion in the Talmud as to whether the jubilee year was included in or excluded from the forty-nine years of the seven cycles.
The majority of rabbis hold that the jubilee year was an intercalation, and followed the seventh Sabbatical year, making two fallow years in succession.After both had passed, the next cycle began.
They adduce this theory from the plain words of the Law to "hallow the fiftieth year," and also from the assurance of God's promise of a yield in the sixth year sufficient for maintenance during the following three years, "until the ninth year, until her fruits come in" (Lev. xxv. 22), which, they say, refers to the jubilee year. Judah ha-Nasi, however, contends that the jubilee year was identical with the seventh Sabbatical year (R. H. 9a; Giṭ. 36a; comp. Rashi
ad loc.). The opinion of the Geonim and of later authorities generally prevails, that the jubilee, when in force during the period of the First Temple, was intercalated, but that in the time of the Second Temple, when the jubilee was observed only "nominally," it coincided with the seventh Sabbatical year. In post-exilic bṭimes the jubilee was entirely ignored, though the strict observance of the shemiṭṭah was steadily insisted upon. This, however, is only according to a rabbinical enactment (Tos. to Giṭ. 36a,
s.v. "Bizeman"), as by the Mosaic law, according to R. Judah, shemiṭṭah is dependent on the jubilee and ceases to exist when there is no jubilee (Giṭ.
l.c. and Rashi
ad loc.).
That the Sabbatical year was observed during the existence of the Second Temple is evident from the history of the Maccabees (I Macc. vi. 51, 55). The Mishnah includes in the examination of witnesses questions as to dates, in giving which there must be specified the Sabbatical year, the year, month, week, day, and hour (Sanh. v. 1).