I am neither a teacher nor a native speaker of English, so I hope my theory is correct:
The word "present" here should be an adverbial of place. Meaning you laugh at a thing/person you are just experiencing and is funny.
When you are laughing about something, you are thinking about it, or remembering it or talking about it happening somewhere/sometime else.
This is how I perceive it.
Also a different word would have to be used in the sentence for it to have the meaning you provided as the second option.
Student or Learner