The first has the shooter facing the target, or assailant, full on. He then draws, right hand for a right handed shooter, from the near hip position and brings the gun up to a point just in front of the breast bone, while bringing his left hand to grip the gun. He then thrusts the gun forward bringing it up to eye level, and fires two quick shots.
That's pretty much how I've been taught to do it, and how I've taught others how to do it. Shot count may vary depending on the drill. Very effective method when done properly (just like anything else). Do what you feel is best.