Well, if you're taking an actual "Spinning" class (trademarked) where all the instructors are Spinning certified and the bikes are all Schwinns, then hands are to be in position two when doing a standing run.

I don't do standing runs in my classes simply because the times one usually gets out of the saddle on a real bike is when the hill gets too steep, or when you want to accelerate quickly, and in those cases you have more resistance. Running out of the saddle with little resistance seems counter-intuitive to me so I don't do it in my classes, although it's considered a typical indoor cycling move.

Does that answer what you wanted to know?