Detailed Explanation:

Annie Besant became the first woman President of the Indian National Congress in 1917 at the Calcutta session, leading during a critical phase of India's freedom struggle.

Sarojini Naidu was the first Indian woman President (1925), Kasturba Gandhi was a freedom fighter but never held the position, and Aruna Asaf Ali was famous for hoisting the flag during Quit India Movement but was not Congress President.

Therefore, Annie Besant was the first woman President, making Option 2 the correct answer.