I have no idea which color grading represents the original theatrical presentation but to my eye the older version is a bit more pleasing than that current transfer.
With all due respect, I couldn't disagree more. I think the film benefits tremendously from the wider array of colors in the new transfer.
I think the beaver caps LOOK so blue because they are printed on the page right BENEATH the older transfer (which was completely lacking in blue of any kind) and, since we see that one first, our brain screams BLUE!!!!!! when we get to the new images. If you look at the caps posted lower on the page (without the benefit of comparison to the brown/green older shots) they appear well balanced and NOT overly blue because our brain isn't playing tricks on us.
In motion it is (at the risk of sounding TOO gay, as if that's even possible) a truly delicious transfer IMO and I highly highly recommend it for anyone who's a fan.