Answer
Only the hydrogen atom attached to the oxygen atom is capable of forming hydrogen bonds. A dipole does not form between the hydrogen and the carbon atoms.
Explanation
The description of the hydrogen bonds in an ethanol molecule is that hydrogen bonding can occur between ethanol molecules, although not as effectively as in water. The hydrogen bonding is limited by the fact that there is only one hydrogen in each ethanol molecule with a sufficient δ+ charge.
Therefore only the hydrogen atom attached to the oxygen atom is capable of forming hydrogen bonds. A dipole does not form between the hydrogen and the carbon atoms.
The second option is the correct answer.
