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