Hi, sorry. I wasn't too clear.
I want to be able to charge / test NiCd batteries, either one cell (1.2 - 1.4V) or I guess up to around 8 in either series.
It happens... You get so wrapped up in the details you forget the question.
Ok, if you're talking NiCds then that counts circuit 2 out - only suitable for Lead Acid.
For NiCd you want to charge them constant current, especially in series stacks because it allows all cells to balance up their full charge.
It now depends how quickly you want to charge them - the simplest way is to charge them at C/10 rate for 14hrs or so (14 rather than 10 because they are not 100% efficient). C/10 means battery capacity in mAh/10. At C/10 rate you don't need to worry about voltage - they can tolerate C/10 charging almost indefinitely and will simply reach their full charge voltage and stay there.
The simplest way of doing the above would be the simple LM317 current source (LM317+1 resistor wired correctly - as Hero999's correction). You could use the same supply voltage for any number of batteries (max. number of cells x 1.5V + 3V approx) but you might want to drop it for smaller numbers of cells to reduce LM317 power dissipation if necessary.
If you want to charge faster, eg C/5 rate or faster then more precautions are needed to limit the charge time and cutoff based on battery voltage. Faster than that you need to monitor battery temperatures too. If time isn't an issue then keep things simple and charge at C/10 overnight.
Hope this helps.
P.S. You're not talking big currents here - for 1500mAh AA cells you're only talking 150mA at C/10.