Of the two options, I would say 15. There are 15 "printable" key signatures that follow the harmonic series of the Circle of Fourths/Fifths (depending on which way around the circle you go). Of those, 3 sharp key signatures are enharmonic with 3 of the flat key signatures, so you are also correct that there are 12 tonally unique combinations of pitch steps produced by the Circle of Fifths. However, not knowing that a signature with 7 sharps sounds the same as a signature with 5 flats and v/v, or that the keys with 6 sharps and 6 flats also have identical actual pitch values (in equal-tempered tuning at least) can be a hindrance to reading music.
However, in terms of actual "keys", as in a defined sequence of increasing pitches making up a scale between octaves, counting even 15 barely scratches the surface. The Western key signature system can, with its 15 printable signatures, define the required sharps and flats for the major and the natural minor keys. These in turn are only 2 of 7 "modes" of a key signature (major = Ionian, minor = Aeolian), produced by taking the same sequence of sharps and flats, but starting sequentially higher. The Dorian (starts on the second scale degree of Ionian) and Mixolydian (starts on the fifth scale degree of Ionian) modes are also very important to Western music, more or less as variations of minor and major respectively, and you'll hear the other three here and there in various cultural music styles. So, 12 possible starting tones times 7 modes equals 84 tonally-unique heptatonic scales plus an additional 21 ways to print them with the enharmonic signatures, for 105 printable heptatonic scales.
These same key signatures can also be used to print music in keys that use less than 7 unique tones. The most well-known to guitarists will likely be the pentatonic scales, both major and minor (another 24 tonally-unique and 30 printable scales). You may consider these as subsets of their heptatonic keys, but there is a difference between G Major and G Major Pentatonic when you're talking about the sound of a song. There are also hexatonic scales, mostly curios of early music theory before the seventh scale degree was widely accepted, but if you're a music historian those hexatonic scales and their modes are another 72 tonally unique and 90 engraveable keys.
So, what are we up to here, 180 tonally-unique keys, 225 printable? That's only if you religiously follow the Circle of Fifths when defining key signatures. There are a host of "non-conforming" key signatures, that don't follow the circle from C when adding flats or sharps. Phrygian Dominant, very common in Eastern Mediterranean and Middle Eastern music, is one such system; relative to the Ionian mode, Phrygian Dominant has a flatted 2nd, 6th and 7th. C Phrygian Dominant therefore has a Bb, Ab, and Db, but not an Eb. It's tonally related to the harmonic minor scale, which with the same signature would start on Ab. This same harmonic system also produces the Hungarian minor scale and Ukranian Dorian scale, and another tweak, flatting only the second and 6th, produces the Byzantine scale, which for C as the starting note would have Ab and Db (no Bb or Eb).
In short, in Western music notation, the only real rule defining an engravable key is that each of the seven named notes must either be sharp, flat, or natural (as any scale system requiring more than one quality of a single named note cannot be defined wholly in the key signature). Two named notes (B and E) cannot be sharp, and the next-higher named notes cannot be flat. That means, in theory, there are 432 unique ways to assign flats and sharps to the seven named notes. You can then start on any one of those seven notes (3,024 combinations), and if we really want to get crazy you can choose any combination of 5, 6 or all 7 of those named notes to form a scale, giving the Western notation system 444,528 unique "keys". The large majority would sound incomplete, broken and/or alien to Western ears, but you could write them down in traditional Western staff notation with a key signature that clearly identifies the "usual" character of each named note.
Then, there are Middle Eastern and Subcontinental quarter-tone systems...