Neither of those adapters you link to can do what you need. The major reason is that PWM control ONLY works if the FAN is designed for that and includes a special chip to use the PWM signal from a mobo header. The fans you have are the older design in which the ONLY way to control fan speed is to reduce the VOLTAGE supplied to the fan on its Pin #2.
Eximo (above) has the right direction - insert a series resistor in the 5 VDC power supply line from the simpler adapter. That is the one with ONLY two wires from the Molex - Black Ground and Yellow +12 VDC. As you suggest, you MUST switch the yellow wire on that to the opposite end of the Molex so that it makes contact with the 5VDC supply RED wire from the PSU female Molex output connector. This will connect to the RED wire in the cable from your fan to its 3-hole female connector. Then you have a 5 V supply to use.
I think the numbers need re-assessment. The specs for that fan say it operates at full speed when supplied with 5 VDC, and will consume typically 0.209 A that way. Now, take a rough GUESS that, once the resistor is installed, it drops the supply Voltage reaching the motors and thus the current flowing. For a start, suppose the current drops to 0.150 A. Then the VOLTAGE drop across the resistor of resistance R Ohms is V = IxR = 0.150 x R, and the Voltage reaching the motor is (5 - V). Let R be 10 Ohms, and resistor drop is 1.50 V, and the motor supply is reduced to 3.5 V, about 70% of full voltage. That certainly will reduce its speed a lot. A 20 Ohm resistor would reduce the motor supply by more and hence the current by more - perhaps to about 0.12 A, and resistor Voltage Drop is 2.4 V, so motor Voltage reduced to 2.6 V. I don't know the minimum Voltage to avoid stalling of that fan. For a common fan fed by 12 VDC for full speed, it may stall under 5 VDC supply, or 42% of 12. IF that same guide applies to the 5 VDC fan, then 2 VDC (40% full) is the lowest you would dare to use, and you would want to try Resistors in the range 10 to 25 Ohms.
Regarding the power rating of the resistor, the heat power generated in the resistor is P = V x I, and V = I x R, so P = V^2/R. So a 10 Ohm resistor with an assumed 0.15 A current running through it to drop 1.5 V will dissipate 0.225 W of heat. A 20 Ohm resistor with 0.12 A flowing would produce 0.29 W heat. So any ½ W resistor in that resistance range should be sufficient.