Following my short exchange with @Presage:
Suppose you have the words $w_1, w_2, \dots, w_n$. Then, for $1\le i\le n$, we have:
The probability of choosing $w_i$ with the first method is $\frac1n$. The probability of choosing $w_i$ with the second method is equal to $\dfrac1{2^{n-i+1}}$.