The second. The first is invalid.
- A paragraph cannot contain a list.
- A list cannot contain a paragraph but only if the paragraph is contained entirely within a single list item.
A browser will handle it like so:
<!-- Start of paragraph -->
<!-- Start of ordered list. Paragraphs cannot contain lists. Insert </p> -->
<!-- A list item element. End of list -->
<!-- End of paragraph, but not inside paragraph, discard this tag to recover from the error -->
<!-- Another paragraph -->
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