Using "Canova math," you'd go with option A.
Whether it's "right" or "wrong," mathematically, when you read through Canova's stuff, it's clear he uses whatever race pace as "100%" then uses (RP in seconds)*1.05 to get "95% of race pace", RP*1.10 to get 90%, and so on.
If you prefer to use Option B, more power to you- but if for whatever reason you're looking at other runners' workouts or recommending something to someone you coach, just make it clear how you're doing your math. If you send out a ~15:30 5k runner to do a 90min run at 85% of 5k pace, you'd better explain which 85% you want!
For what it's worth, I think option A is the convention among runners. I think the poster "MPR" used to use Option B for some of his marathon workouts, but you'd have to check with him- I'm pretty sure it's Mark Hadley, coach and dad of Alana Hadley. In my experience, A is vastly more common.