As best I recall, the first generation SP was .38 Special, and the second generation was chambered to .357 with no other changes and marked for 125 grain bullets only. This because the cylinder was not lengthened, just chambered for magnums. The later guns had slightly longer cylinders to take up to maximum standard magnum rounds.
Ayoob's shop, Tarnhelm Supply Co
http://www.tarnhelm.com/
will rechamber the .38 SPs to .357 for $65.
Their catalog says:
"Re-chamber to .357M Check cylinder for faults, stress cracks, and bore out to accept .357M. (On an old-style Ruger SP101, we recommend Federal brand 125/.357M only. Other ammo may be too long!) $65.00"