I've found that the RedirectTo(CloudPagesURL) not working when the SMS is sent from Journey Builder. The link is working fine when testing in MobileConnect. Below is the ampscript I am using in the SMS.
%%[
SET @link1 = CloudPagesURL(1657,'Id','1234567890','option','1')
SET @link2 = RedirectTo(CloudPagesURL(1657,'Id','1234567890','option','2'))
]%%
Link1: %%=v(@link1)=%%%%=char(10,1)=%%
Link2: %%=v(@link2)=%%
Below are the links generated.
Code in Landing Page
%%[
SET @Id = RequestParameter("Id")
SET @option = RequestParameter("option")
]%%
Id: %%=v(@Id)=%% <br />
Option: %%=v(@option)=%% <br />