Thinking about the two different patterns, they are both used in different systems. So the first is done by google if you are not in their beginning screen with just the search bar, but with the search bar at the top of the page. Here you can type and it will automatically start displaying. The second is used all over the place for instance searching on stores.
There are pros and cons to both. I think it should really come down to your users, what their workflow would be around using the search. I would also suggest testing the two different versions, as what may best for some may not work as well for your users.
I think that search #1 would be good if a person is wanting to work quickly, and also does not necessarily know what they are looking for, because it would give them a quick view.
There might also be some technical things behind each that you may need to take into account.