Canon 5D mark ii + 17-40mm OR Canon 50D +70-200mm USM IS +17-40mm lens???

Hi all,
I have a limited budget, can anyone help me decide between the following options:
Option 1: Canon 5D mark ii + 17-40mm lens.
Option 2: Canon 50D +70-200mm USM IS +17-40mm lens

I would suggest a Canon 40d + 17-40mm + 70-200mm IS.

Good lenses are more valuable than a good body.
The Canon 40d is an excellent body - I would suggest this until the 60d comes out (the 50d is overrated), or save up and get a 5d mark ii later.
Actually, the Canon 5d + 17-40mm + 70-200mm IS is probably a better option. You can pick up second hand 5d's for fairly cheap too...