Hakone Free Pass vs Fuji Hakone Pass

I want to travel to Hakone on day 1 and Shibazakura Festival and Lake Kawaguchiko on day 2.
Is the Hakone Free Pass sufficient, or Fuji Hakone Pass the better option?
Also, if I visit Shibazakura Festival (travelling by Shibazakura Liner from Kawaguchiko station first), are there buses to take me to Lake Kawaguchiko from the festival, or do I go back to Kawaguchiko station first?

The Fuji Hakone Pass looks to be the better deal as it will cover all your long distance travel, except the buses to the Shibazakura Festival which neither pass covers. Without knowing a more specific itinerary, I'd estimate you'd save around one thousand yen over the Hakone Free Pass.

Also, if I visit Shibazakura Festival (travelling by Shibazakura Liner from Kawaguchiko station first), are there buses to take me to Lake Kawaguchiko from the festival, or do I go back to Kawaguchiko station first?

Kawaguchiko Station is at Lake Kawaguchiko. Or do you mean to travel to other parts of the lake directly?

The Hakone pass is only for the Hakone area. You need the Fuji Hakone pass to do both areas.

Thank you for your responses.
I should have mentioned I have a 7-day rail pass, which I intend to start on 19th May.
As on 20th May I will be travelling to Kyoto & coming back to Tokyo on 25th May.
I would like to visit both Hakone area as well as Shibazakura Festival.
I was thinking of getting the Hakone FP (with round trip from Shinjuku) for use on 18th May and then travel to the Five Lakes on 19th May.

Ah, this is a common dilemma for those comparing the Hakone Free Pass vs the Fuji Hakone Pass. Up until this month the situation was that the Hakone Free Pass was the better option, but the newly updated Fuji Hakone Pass now offers an Odawara version so it might be best to enter Hakone via Odawara and go from there:

http://www.japan-guide.com/e/e2358_014.html