Super Pump II Wiring Question

Hi,

I'm exchanging an old single-speed pump with a new Hayward SP II two-speed model. The original pump was connected using three 115V wires (green, red and white). So far I've adjusted the SP II's black plug for 115V operation and connected the green wire to ground.

On the SP II, I have a L1 spade and a L2 spade. I assume these refer to high & low speeds and only ONE should be hooked up. However, with two remaining wires, which of these (red or white) should I connect?
Does it matter?

Thanks...