I think it's the second, Mari, but how timely your question is, because a post on the Asclepiadaceae FB page has a similar one in a dramatic habitat shot.

Here is a link that might be useful: I'll bet it doesn't stink much up there

Looks simular to mine but looks a little larger and lighter. Could be Stapelia Grandiflora.
Picture of mine; Stepelia flavoristris;

Stush, are you aware that Stapelia flavirostris is a synonym for Stapelia grandiflora?

Roemariero,
Thanks, I did not know this. The picture looks simular but not the same as ones I have seen. And to think I was looking for a Stapelia grandiflora.
Problem is there is too many crosses and can get confused very easy.
I got a red one from 'johnsonm08' a while back and is called 'Stapelia hirsuti'. Looks very simular also. I think not as much hairs.
Stush

Stush, thank you for sharing picture! Flower looks a little bit different, but it can be just different stages of its development or crosses, etc. Yet stems look identical, so it really can be the same Stapelia flavoristris = Stapelia grandiflora (thank you, Roemariero for telling us about this! My first thought looking at Stash's picture was: "Oh, no - one more name?" ,than it turned to be a synonym -what a relief! )

Mari, the 3 names you gave at the beginning are plants that are difficult to tell apart, partly because they are variable. Some things used to tell differences: size of bloom, looks of stems, how hairy/color, etc. So many synonyms out there, it is dizzying.

Stush, S. hirsuta should be more hairy, as the name implies. Who knows if the hairier ones were named later, after the name was taken! I believe it is a smaller bloom than the other 2 named by Mari.

Mine, from a few years back, having a fur coat collar (hirsute)! Now, I may have my ID messed up after all, as I have seen some S. gettliffei that look so much like mine! That is what I knew it to be then. Blooms are about 4 inches across.

{{gwi:677714}} {{gwi:677716}}

Here is a link to see lots of different Stapelia. I think it makes it more confusing.
http://anti-matter-3d.com/Stapeliads/
Myself, I look at the ones for sale at Smoleys and Glasshouse works. There cheap enought so no big deal but I did lose some along the way. That's why i like to get some on trades so I know how healthy and tuff they are.
Stush

Oh yeah, Martin takes gorgeous pix of them! Most confusing!

Another site to check out their database. I believe you need to join if you haven't already. Enough to make your eyes glaze over several times!

Here is a link that might be useful: Stapeliads