Statement I: Correct. Raga Bhairav is traditionally performed in the early morning, during the sunrise twilight period (sandhiprakash kaal). Its serene and structured nature complements the calm morning ambiance.
Statement II: Incorrect. Raga Malkauns is a late-night raga, typically sung between midnight and 3 AM. Its profound, meditative character is unsuitable for morning performance.
Therefore, only Statement I is accurate.