das Cover
cover
The designed front side of a book, magazine, CD, or record.
Das Cover des neuen Albums gefällt mir sehr gut.
I really like the cover of the new album.

cover
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cover
The designed front side of a book, magazine, CD, or record.
Das Cover des neuen Albums gefällt mir sehr gut.
I really like the cover of the new album.

The meaning of 'Cover' (cover) becomes clear from context. If people are talking about books, magazines, or albums, it means the designed front side. If people are talking about music, bands, or songs, it means a new recording.
Das Foto auf dem Cover der Zeitschrift ist sehr provokant.
The photo on the cover of the magazine is very provocative.
'Cover' is a word from English that is used as a noun in German. It is neuter, so it is 'das Cover'.
Das Cover wurde von einem bekannten Künstler entworfen.
The cover was designed by a well-known artist.
When the front side is meant, typical phrases are 'auf dem Cover sein' (to be on the cover), 'es auf das Cover schaffen' (to make it onto the cover), or 'das Cover gestalten' (to design the cover).
Die junge Sportlerin hat es auf das Cover eines großen Magazins geschafft.
The young athlete made it onto the cover of a major magazine.
When a new recording is meant, 'Cover' (cover) is often combined with verbs like 'spielen' (to play), 'singen' (to sing), or 'aufnehmen' (to record). You also say 'ein Cover von' (a cover of) an artist or a song.
Die Sängerin hat ein emotionales Cover von einem bekannten Popsong aufgenommen.
The singer recorded an emotional cover of a well-known pop song.
version
'die Version' and 'das Cover' can both refer to a new form of an already existing work. This is especially true in music. 'Version' is a general word for a specific version, for example of a song, a text, or software. In this relation, 'Cover' specifically means a new recording of a well-known song by other musicians. Learners may confuse the words because people also say 'Coverversion' (cover version). If you are talking generally about different versions, 'Version' fits. If it is clearly about a song being sung or played again in a new way, 'Cover' is more natural.

Das Cover von dem alten Popsong läuft gerade im Radio.
The cover of the old pop song is playing on the radio right now.
Diese Version des Liedes ist langsamer als das Original.
This version of the song is slower than the original.