All of them. Parallel Lives makes it so that Giantbaiting makes two tokens instead of one, so they are both exiled by the delayed trigger.
Quote from Gatherer - Parallel Lives ruling »
9/22/2011: If the effect creating the tokens instructs you to do something with those tokens at a later time, like exiling them at the end of combat, you'll do that for all the tokens.
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giantbaiting and multiple tokens