I'd wash/block both squares first and try to squish (or pull) them into shape. After all, washing and blocking that small of an object won't take long and what do you have to lose? Then if that doesn't work, reknitting might be the way to go.
Be sure to let both squares dry completely, though, and see how well they keep their shape.
You know, it's always great to ask questions, but you can try some of this stuff out on your own, too. Different yarns behave differently and you won't know the end result (and whether you're happy with it) unless you try it. Go for it!