Step 1: Check option 1.
$x=4\cos t$, $y=4\sin t$: $x^2+y^2=16$, a circle.
Step 2: Set up option 2 with the identity $\cos t=2\cos^2(t/2)-1$.
$y=\cos^2(t/2) \implies \cos t=2y-1$.
Step 3: Eliminate $t$ in option 2.
$x^2-2=-2\cos t=-2(2y-1)=-4y+2 \implies x^2=-4y+4=-4(y-1)$. This is a parabola.
Step 4: Check option 3.
$\sqrt{x}=\tan t$, $\sqrt{y}=\sec t$: $y-x=1$, a line.
Step 5: Check option 4.
$y^2=1+\sin t$, $x^2=1-\sin t$: $x^2+y^2=2$, a circle.
Step 6: Conclude.
Only option 2 represents a parabola. \[ \boxed{x^2=-4(y-1)} \]