It's the first one, as the panel underlined: "The disputed domain name aeroturbine.aero is registered with Domain Bank, Inc. This proceeding is the first UDRP decision by a WIPO Panel for a domain name containing the top-level domain .aero." [WIPO Decision D2004-0669].
This domain name has not been transferred because the respondent has legitimate interests in it (the respondent has been doing business under the name “Aero Turbine” since 1978).
To register an .aero name, "the Registrant must be recognized as member of the aviation community" (Policy, article 3). The domain name combined two words widely used in the aviation sector, and was registered by a company which was eligible to be a registrant under this policy. The result was then predictable.