2 )I’ll do it, which I think is right.

"i" pronoun functioning as subject.
"will" is modals OK, although I'd call it an auxiliary verb.
"do" main verb.
"what is think is right" is direct object. OK. I'd call it a subordinate noun clause. If you want to, you can analyse each word in this clause, too.

the second sentence "i" pronoun functioning as subject.
                               "will" modals.
                               "do" main verb.
                               "it" diect object.

                               "which i think is right" object postmodifer Yes, you could argue that it is a subordinate clause describing the object 'it'.
However, I'd call it a subordinate adverbial clause, modifying 'I'll do it'. You could reword the sentence as 'I think it's right that I will do it'.

the first sentence means i will do what seems to me right.here we speak generally.
the second sentence means i will do something specific
is this analysing right? Yes, subject to my comments above.

As you can see, you can use different kinds of terms in analyzing sentences. Use what your teacher has taught you, as I do.

Best wishes, Clive