Yes.There is no right or wrong way to write a poem.Just write a poem.Whatever you think of with figure of speech.
Punctuation marks are hierarchically ordered, based on the degree of separation they provide for example, sentence-final marks periods exclamation marks and question marks provide maximum degree of separation whereas commas or no punctuation marks provide the minimum degree of separation. Colons, semicolons and dashes provide medium separation and have extra meaning anticipatory, logical connection and emphatic, respectively
The correct answer is the first option - The statue holding the torch is the Statue of Liberty.
You don't need a comma in this sentence because if you separated the phrase <em>holding the torch </em>using commas, then it would mean that phrase is non-essential, when in fact its meaning is very important for this sentence. It is important to know which statue exactly that is - and this is why the phrase should not be separated by commas.