You definitely have a bad battery, dispose of the low voltage battery. Whatever you do do not put two batteries in a flashlight that do not have the same voltage or you will have a serious problem. You can charge them one at a time and you should get 4.2 volts on a fully charged battery. You do not need to discharge these batteries before you charge them. They should have been at 3.7 volts when you received them.
I try tell you .... u no buy charger on ebay ..why u no lisson.. depends on the charger the answer is simple does it or doesn't it ?? why did you charge them for a couple hours ?? are you making random assumptions that a couple hours works well with your scheduale .? were they done charging or you got tired of waiting ?? they are done at 4.2 ... a bad charger ought to shut down and let batteries sit in it for a period of time ... i'm guessing your charger needs both batteries to charge . run the one down to 3.5 and throw them in the charger and leave it alone unless you test a voltage of higher than 4.250.. I would let them do their thing ad when done test voltage ...also don't pop them in a light like an M&M and chew them up .. let them sit and think about waht their real meaning in life is ..and test them after 10 mins ....30 mins....hour ...They should stablize and give you some indication of their strength .. hopefully they are very close off the charger and remain consistantly alike .