Statement-1 : Benzyl chloride reacts faster than ethyl chloride towards SN¹.

Statement-2 : Positive charge on ethyl will be unstable.

The correct option is: Statement-I and statement-II both are correct.

Let us analyze each statement step-by-step:

1. Analysis of Statement-1:
In an ${\text{S}}_{\text{N}}1$ (substitution nucleophilic unimolecular) reaction, the rate-determining step is the formation of a carbocation intermediate by the loss of the leaving group (chloride ion, ${\text{Cl}}^{-}$).
For benzyl chloride (${\text{C}}_6{\text{H}}_5{\text{CH}}_2\text{Cl}$), ionization produces the benzyl carbocation (${\text{C}}_6{\text{H}}_5{\text{CH}}_2^{+}$). This carbocation is highly stabilized by resonance because the positive charge is delocalized over the aromatic benzene ring.
For ethyl chloride (${\text{CH}}_3{\text{CH}}_2\text{Cl}$), ionization produces the ethyl carbocation (${\text{CH}}_3{\text{CH}}_2^{+}$). This is a primary aliphatic carbocation stabilized only by the hyperconjugation and inductive effect of one methyl group, which provides much less stabilization compared to resonance.
Because the benzyl carbocation is significantly more stable than the ethyl carbocation, benzyl chloride forms its carbocation much faster and thus reacts faster than ethyl chloride via the ${\text{S}}_{\text{N}}1$ mechanism. Therefore, Statement-1 is correct.

2. Analysis of Statement-2:
The positive charge on the ethyl group refers to the ethyl carbocation (${\text{CH}}_3{\text{CH}}_2^{+}$). As a primary aliphatic carbocation without any resonance stabilization, it is highly unstable compared to resonance-stabilized carbocations like the benzyl carbocation. Therefore, statement-2 is also correct.