No, they aren't both OK, because they aren't variants. These words are used in different ways.
I don't know what your full sentence is, but you probably need to use 'specially'.
'Especially' means 'particularly'. For example:
'This restaurant is always busy, especially on public holidays like Independence Day.'
'Specially' means for a specific purpose.
'I came home specially for Independence Day because I like to spend it with my family.'