Europe or South America?

In the spring, I have a fully funded trip coming my way. I just need to make a decision as to WHERE I want to go. Right now I'm wrestling between two trips in particular. One - Spain. Two - Ecuador and Peru. Ideally, I would have about two to three weeks to work with. It may also be worth noting that I do, in fact, speak Spanish quite fluently, so the language barrier is not something I have too much concern with at this point.

Spain:
I've been to Spain once before. I was there for a whole two days... Both of which were spent in Barcelona. I've hit most of Mediterranean Europe (all very briefly) and really want to go back to Spain and get the opportunity to experience it for REAL. As far as planning the trip, I have no idea what I would want to do once I was there (I still need to do the research) - all I know is that I want to soak in as much of Spain as I possibly can! I'd take the opportunity to tune my "European Spanish" (I originally learned it in South America), drink in the culture via museums, art galleries and the like, experience the night life and immerse myself in music and dance, drink sangria and eat Spanish cuisine until it was coming out of my ears, and hopefully meet some new friends. This would be a NEW and exciting experience - and one I've been pining over since breezing through Barcelona two years ago.

Ecuador/Peru:
I lived in Ecuador for a little over three months when I was 18. I taught English in Guayaquil and fell in love with the people and the culture. While I was there, I also fell head-over-heels in love with one of the children I was teaching - Josue, who was five at the time. Since then, I've been sponsoring him through the organization I was working with and miss him dearly! I also made a lot of friends and connections while I lived there. Travelling to Ecuador would mean seeing my sponsor kid and reconnecting with those friends. My plan would be to spend a weeks and a half in Ecuador and then travelling with a friend to Peru, getting acclimatized and hiking the Inca Trail to see Machu Picchu (a life-long dream). Ecuador is familiar and comfortable and somewhere I miss. Peru is a new and exciting adventure.

Now is where it gets tough. Where to go? Will my curiosity send me to Europe? Or my nostalgia to South America? Help!!

Note
Though my trip will be funded, I would still like to keep as budgeted as possible. I really don't want to take advantage (financially) of this gift.