not sure if this question is meant to be answered from the information given (application based), but i have an extensive exercise physiology background and i know for a fact that blood lactate levels are elevated for at least 9 min post exericse. sure, the levels drop after the first minute post exercise, but compared to resting levels, they are elevated. so baiscally...
lactate levels start off high post exercise, but dwindle down (hence the high ventilation rate to convert lactate back to pyruvate) with increasing post exercise time - so, with that being said, the lactate levels are elevated initially, but the levels are diminishing as time goes on (answer #2 - decreasing). it is not without noting that lactate levels take a good amount of time to return to normal post exercise.