I would like to expand on gadget_lover's explanation if I might.
I am assuming that your flashlight is an LED version and you are trying to remove heat via thermal conduction to the outside of the body, where it is carried away by either conduction, radiation, or convection.
A surprising amount of the heat is actually removed from the light by conduction into your hand - up to about 10 watts. Your hand can be considered a sort of forced flow water cooling setup, which dissipates heat to the rest of the body. People think I am kidding when I say they should hold a cold drink in one hand if they are trying to remove more than 10 watts this way - actually, I am not. Somewhere around 15 watts going into your hand, the light will "feel" hot.
In terms of using the fins to enhance convection cooling, several things are important:
- Fin surface area
- Surface "smoothness" (contributes to flow stability)
- Design which helps get the heat out to the fin ends
- Design to avoid "dead flow areas"
The designs you have with curved bases are going to be better at moving heat from the body of the light out to the end of the fins (less thermal resistance). If your goal is to maximize heat movement, then this is better. If you goal is to have a fin design which has relatively poor conduction to the end of the fin "cooler to hold" then the flat bottom groove with longer fins will be better.
The flat bottom grooves will tend to form "dead" convection channels in those corners, which frankly, will further decrease heat transfer.
There are also radiative effects from the surface finish that are quite significant in some cases.