Should figure tag be inside or outside a list of images?

Should it be like this, where each image is wrapped in a figure:

<ul>
  <li>
    <figure>
      <img>
    </figure>
  </li>
  <li>
    <figure>
      <img>
    </figure>
  </li>
</ul>

Or like this, where a figure is shown to have a list of images:

<figure>
  <ul>
    <li>
      <img>
    </li>
    <li>
      <img>
    </li>
  </ul>
</figure>