As per the tradition of Vijaynagara, the Deccan rulers were referred to as :

Ashvapati

The correct answer is Option 2 - Ashvapati

In the popular traditions of Vijaynagara the Deccan Sultans are termed as Ashvapati or lord of horses

Gajapati literally means lord of elephants. This was the name of a ruling lineage that was very powerful in Orissa in the fifteenth century. In the popular traditions of Vijaynagara the Deccan Sultans are termed as Ashvapati or lord of horses and the rayas are called narapati or lord of men. The rulers of Vijaynagara, who called themselves rayas.