The moment of inertia for a solid sphere is \( I_{\text{sphere}} = \frac{2}{5} m r^2 \) and for a hollow cylinder, it is \( I_{\text{cylinder}} = m r^2 \).
When torques of equal magnitudes are applied, the angular acceleration \( \alpha \) is given by:
\[
\alpha = \frac{\tau}{I}
\]
Since the cylinder has a larger moment of inertia compared to the solid sphere, the angular acceleration of the solid sphere will be greater, leading to a greater angular speed \( \omega_2 \) for the sphere.
Thus, the correct answer is (c).