If doing this, you should be aware that your references could then be contacted at any point. This might be particularly tricky if you’re listing a current employer as a reference (which would be standard). So only choose this option is you’re 100% happy that they could receive a call about your application from that point onwards.
To give you one final thing to think about, we have also seen it stated that this section is a “dying” element of a CV.
An employer will require references to be checked, and everyone knows that. It’s a case of when, not if.
Since most candidates choose option one, and employers don’t expect to see reference details on a CV now, it could be argued that the whole section is just taking up space it doesn’t need to.
If you’re really struggling to bring your CV into 2 pages, this might be something worth considering.