Option A would be...very out there. There is absolutely no mention of it being a ter'angreal by any of the Aes Sedai. There isn't even a hint of it, but instead it is regarded as something that is made with the power, and a relic from the AoL. Notice that the storage rooms within the Tower are not filled with junk. The Aes Sedai are able to recognize an angreal (of whatever type) even if they don't know how it works. If it was one, they would know.

Option B could be possible, but we don't really see anything else unraveling until well later in the series. As far as we can tell, all the seals are still whole on the DO's prison when Rand comes across Whitebridge. The only exception is the seal which is within the Eye. Every one of the others are seen whole...

There's a saying which I often keep in mind when working through mysteries..."When you see a hoof print, do not be so focused looking for a zebra, that you miss the horse right in front of you." Or in other words...the simple, obvious answer is often the right one.

~Jeordam