I like the second option.
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deadratyou avoid the collision with "Students love us."I hardly think that's likely.
rajeshr When you say "we students are.." You are addressing to some listener apart from students. And when you say ,"we, the students.." Consider yourself standing on podium and addressing students.Separation by (,) generally refers to the listener.I'm afraid that this is just not true. I have no idea what your last sentence is supposed to mean.