How do you pronounce 'hypocritical'?

I can't tell you which is better, but the difference seems to be to lie in whether the "hypo-" part is treated as a separate word. An unstressed non-low vowel in English is tensed and diphthongized ordinarily only at the end of a word or before a vowel. Some long prefixes like "photo-" or "pseudo-" can have unstressed diphthong "o" at the end. It is not intuitively obvious whether the "hypo" of "hypocritical" is a prefix.