We always consider the most "positive" and important to sales of the 2. In your case, (one won, one lost), the lead will be recycled (leads are recycled when the oppy is lost or won). The recycled duration will be set as we do for won deals.
Now, let's say that one oppy is still open and the other is lost orwon: the lead will remain in status "Open Opp" until the last open opportunity comes to conclusion (won or lost), then the recycling process and duration will depends on whether that last oppy is won or lost.
It is not perfect, of course. It's a tradeoff that tries to favor the sales relationship in priority.
You could also look at Open Opps and Created Date vs. Expected Close Date