I know for sure that the 25th Anniverary edition, with the black and white Hirschfeld caricatures of Minnelli and DeNiro (Minnelli wearing a red scarf) is the 163-minute "restored" version from 1981.
The later DVD release has a different cover: tuxedoed Jimmy and mink-clad Francine walking outside the Starlight Terrace after Francine's climactic performance of "New York, New York." This photo is obviously taken from an alternate, never-used ending in which the couple actually DO get together as planned instead of mutually calling off their date unbeknownst to each other. I would assume this DVD also is the 163-minute version: I don't see why MGM/UA would go back to the truncated version.
I have not seen this more recent DVD, only the 25th Anniversary. Anyone confirm?

There are two versions of the DVD, though. One is brown and black on the outside, and another has a white and black cartoon version of Jimmy and Francine, which is the 25th Anniversary Edition. I have the latter, and I think it's the longer one.
Or or is it???? Hmm. I think it is.
The Anniversary Edition also has some extra scenes and interviews with Scorsese and others. No one mentions Scorsese's affair with Liza, though!