It's the first one in most cases. To recite a poem, the poem recitation, etc. The second meaning is probably more academic and we don't use it so much in everyday English.

I agree with Mishell. 'Recitation' is often used when we speak about repeating a poem or piece of writing we have memorized, in most cases to a group of people. Example: "She gave us a lovely recitation of Tennyson's 'The Lady of Shalott'." Also, in the verb form, it can mean to say a list of things out loud. As an example, someone may recite the months of the year, all the countries in the world, all the presidents of their country, etc.