we like this a lot better than your first option. we're not sold on having a sock in the logo but this isn't too bad. how about an option varying the widths/spaces of the color stripes. we're envisioning socks that do not have uniform stripes, thicker, thiner, white in between, etc.
this is a completely different direction but what about a squirrel as an icon? i don't really want a sock in the logo since it says pride "socks". if we do have socks i'd like something like a bird with the rainbow socks on? you could have an icon created with rings? i'm just kind of brainstorming here. remember, we don't have to have all 6 colors represented in the logo. you could have an icon that is one color that we can change into any of the 6 colors. is this helpful? i think coming up with totally new directions (new icons and new font options) would be really helpful...