The former.

"Let's let Nora enjoy herself on the floor," Jaune said. "Ruby, you and Weiss make out."

"Yes Master!" Ruby grinned.

"Why do you hate me?" Weiss whined, before complying, but Jaune could tell she was quickly getting into it as they kissed.

Ruby started running her hands over Weiss, who blushed, but reciprocated. They moaned and began to get frisky with each other.

Jaune sat back as he watch them go at it, before he stated, "Take off the rest of your clothes, and start fucking each other."

"Yes Master!" they both said, Weiss not even trying to hide her enthusiasm anymore as they got up and quickly started stripping themselves naked. They then got back into the bed, and put their pussies together, scissoring.

As they began to rub their folds against each other, they moaned and gazed lewdly at one another, before they both leaned forward and resumed kissing. Jaune continued to watch, and turned to Nora, who was still squirming and moaning in pleasure in the floor. "Hey, this is my show, no watching," he joked to Nora, who of course turned her gaze to her female teammates as they indulged in lesbian sex.

Jaune began to stroke his cock as he kept watching, pondering on his next move.