Hi,
Yes you are creating a new vault. Thats weird because you choosed the second option, didnt you?
I tested it right now and only if I choose the first option, cryptomator shows the dialog with 2 password fields, and of course wants to create a new vault.
If I choose the second option, the file-open dialog pops up where I can navigate to and select my masterkey file. And then the password is only asked once, and the vault is mounted.