Should I join IIM Lucknow for a PGP now offer in hand or wait and go for a one-year MBA program? My work experience is 45 months with decent academics.

If IIM Lucknow doesn't hire you for positions that are relevant to your experience in a 2-year program, it will be harder for you to land the desired positions (though there are exceptions).

The one-year MBA is designed for students with more than five years of experience and offers many benefits, including a balanced and diverse cohort from which you can learn from their past failures and successes. The placement scene for a 5-year-old male would be highly subjective (depending on your past experience, past brand name, etc.) People with less than six years of experience have been offered AVP positions in reputable MNCs. Therefore, it is dependent upon what you bring to the table.

Furthermore, because the 2-year course is 34/35 years old, industry acceptance is much higher than for the 1-year course, which is now in its 13th year.

Before making a decision, weigh your options and speak with as many alumni as possible.