Here is a look at the 1950s-era Schwinn lightweight "winged" badge. The badge is aluminum and smaller than the standard Schwinn badge.
I really like these badges. They're classy, but not too over-the-top. They're relatively small, but still noticeable.
I think this badge was a winner and Schwinn should have stuck with it. They later went to a "starburst" background, large badge, and finally to a plain white background badge with black letting. Those were the "oval", large-style badge.
I'll go with the smaller, winged type.