The correct answer is option 3, which states that both statements 1 and 2 are correct.

Statement 1 explains that most comets have elongated elliptical orbits, meaning that their paths around the Sun are not perfect circles but instead are elongated and shaped like an ellipse. These orbits take the comets close to the Sun for a part of their orbit and then out into the further reaches of the Solar System for the remainder. This is true because comets usually originate from the outer regions of the Solar System, and as they get closer to the Sun, they heat up and develop a glowing coma and tail.

Statement 2 states that if a comet is traveling fast enough, it may leave the Solar System. This is also correct, as comets can be influenced by gravitational forces from large planets or other celestial bodies and can be ejected or thrown out of the Solar System if they gain enough speed.

In conclusion, both statements are correct, making option 3 the correct answer.