Filing an extension is the better option. However you will need a visa if you have travel plans.
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Probably applying for extension is better, but since it's case specific based on your facts and needs, contact an immigration attorney
Gavlin & Associates, P.C. The statement above is general in nature and does not constitute legal advice, as not all the facts are known. You should retain an attorney to review all the facts specific to your case in order to receive advise specific to your case. The statement above does not create an attorney/client relationship. Answers on Avvo can only be general ones, as specific answers would require knowledge of all the facts. As such, they may or may not apply to the question.
Having your employer to apply for your extension of your L-1B visa within the US, but you wont' be able to "hide" forever.. Sooner or later you'll need or want to travel outside the country and will be compelled to apply for the consular visa "stamp". That will be when, upon filing the DS-160 you will need to disclose the arrest and conviction and will have to also provide a certified copy of the court's final disposition document of your case (but NOT the police report, unless specifically asked!) . In anticipation of that time, better hire a skilled immigration attorney to prepare a Memorandum of Law arguing that one petty theft conviction does not render you inadmissible to the U.S.. (Please be careful not to do it again..)
Kindly be advised that the answer above is only general in nature cannot be construed as legal advice, given that not enough facts are known. It is your responsibility to retain a lawyer to analyze the facts specific to your particular situation in order to give you specific advice. Specific answers will require cognizance of all pertinent facts about your case. Any answers offered on Avvo are of a general nature only, and are not meant to create an attorney-client relationship.
Stamping in general are risky/and there always exists a chance of denial. Petty offence should not fatally impact the extension or visa stamping, as long as you have a final notice of disposition, and a brief/memo explaining the arrest and disposition favorably. Good luck.