This.

My girlfriend is 4'11" and rides the "44cm" Kilo TT with the 50.3cm toptube. One of the other options we looked at was the "43cm" Windsor Clockwork, but it had a much longer toptube at 51.9cm. We also looked at the "43cm" Fuji Track Classic with the 650c wheels. It had an effective 50cm toptube, but because the geometry was so wonky, the effective reach was actually longer than the corresponding "49cm" frame with the full 700c wheels.

She isn't able to cleanly standover her bike and must tilt it at a stop. It doesn't bother her. Bikes are meant to be ridden, not stood over.