The Panchasiddhantika Varahmihira is Based Upon
Option 2 is the right answer.
Varahamihira was an Indian astronomer, mathematician, and astrologer who lived in Ujjain. He was born in Avanti region. He is considered to be one of the nine jewels (Navaratnas) of the court of legendary ruler Yashodharman Vikramaditya of Malwa.
Varahamihira’s main work is the book Pancasiddhantika on the Five Astronomical Canons.
The work is a treatise on mathematical astronomy and it summarises five earlier astronomical treatises, namely the Surya Siddhanta, Romaka Siddhanta, Paulisa Siddhanta, Vasishtha Siddhanta and Paitamaha Siddhantas.
1 -Surya-Siddhanta – Thought to be composed by Laṭadeva,but actually composed by Mayasura also known as Mamuni Mayan as stated in the text itself.
2 -Vasishtha-siddhanta – So called from one of the stars of the Great Bear, composed by Vishnucandra.
3 – Paulisa-siddhanta – So called from Pulisa, the Greek, from the city of Saintra, which is supposed to be Alexandria, composed by Pulisa.
4 – Romaka-siddhanta – So called from the Rūm, ie. the subjects of the Roman Empire, composed by Srisheṇa.
5 – Paitahama-siddhanta.