There's a lot of differences between 1st edition and 2nd edition, main thing being that the 1st edition contains a lot of nodes, the second editions contains some bars for the latter up to the secret hideout.

The easiest way of distinguishing between the two is that in the 2nd edition there's a point counter in the top right corner; this wasn't a part of the first edition. Furthermore there's a difference right outside their home: 1st edition has a node to the left and the 2nd edition has a coin.

The biggest difference when timing is when to stop the timer, as you need to hand over the wand to the fairy in the second edition and not the 1st. Check out the rules for each category to make 100% sure.