Week one - 11/10/2011 - The beginning

Today I began my 3 month challenge, I do not expect unrealistic results within 3 months and I intend to continue training after the period is up, although I think it will be interesting to see the extent of progress that I make. I am still unsure about what weekly gym routine and diet to follow, so any help or advice would be great (please comment), this is the routine I am currently following (based off Zyzz's routine that he gave to simply shredded in an interview - http://www.simplyshredded.com/exclusive-zyzz-interview.html )

[My body in week 1 - the beginning of the challenge - 126 lbs]

Monday: Chest/Biceps
4 sets of Incline Dumbbell Press, 8-10 reps
3 sets of Bench Press, 8-10 reps
3 sets of Incline Flies, 8-10 reps
3 sets of Chest Dips until failure
3 sets of Barbell Curls, 8-10 reps
3 sets of Preacher Curls, 8-10 reps, then drop the weight to half, and push out another 8

Tuesday: Legs/Calves
4 sets of Squats 8-10 reps
3 sets of Lunges 8-10 reps
3 sets of Leg Press 8-10 reps
3 sets of Leg Extensions till failure
3 sets of Leg Curls 8-10 reps

Wednesday: Back
3 sets of Lat Pulldowns 8-10 reps
4 sets of Deadlifts 8-10 reps
3 sets of Bent Over Rows 8-10 reps
3 sets of Dumbell Rows 8-10 reps
3 sets of Hyperextensions 8-10 reps

Thursday: Shoulders/Triceps
4 sets of Shoulder Press, alternate with Barbell & Dumbell every week 8-10 reps
3 sets of Upright Rows supersetted with Lateral Raises 8-10 reps
3 sets of front raises 8-10 reps
3 sets of Lying Rear Delt Raises 8-10 reps
3 sets of Close-Grip Bench Press 8-10 reps
4 sets of Pulldowns 8-10 reps
3 sets of Skullcrushers 8-10 reps

Saturday: Full Body
3 sets of Deadlifts 8-10 reps
3 sets of Squats 8-10 reps
3 sets of Clean and Jerk 8-10 reps
3 sets of Weighted Pull ups 8-10 reps

I am also considering the following workout (from http://forum.bodybuilding.com/ - I have lost the specific thread though)

Chest day:

Bench Presses (Flat, Incline, Decline) 

Flyes (Flat, Incline Decline) 

Pullovers 

Back:

Chins 

Pull downs 

Rows (Barbell, Dumbbell, and 1 arm dumbbell) 

Deadlifts 

Hyperextensions 

Good Mornings 

Legs:

Squats (All Variations) 

Leg Press 

Leg Curl/Extension 

Lunges 

Deadlifts (SL and Regular) 

Arms:

Curls (all variations)

Triceps Kickbacks 

Triceps Presses 

Triceps Extensions 

Dips 

Shoulders/Traps:

Upright Rows 

Military Press 

Clean and Press 

Shrugs (Dumbbell, Barbell) 

Arnold Presses 

Dumbbell Presses 

Front Raises, Lateral Raises, and Rear Lateral Raises.

I would appreciate it if you guys could tell me if the latter routine would be better for me.

Nutrition wise I am going with 3 standard meals a day, two shakes of ISO 2 weight gainer a day (I assume that I need to bulk first before I can cut to get lean and defined) 4 L of water a day and 2 cups of green tea.

It would be great if I could get some advice on how to improve these routines and diets. 

Cheers.