Nowadays, I usually opt for the second; as it is quicker and more easier to make. No need of all those whisking, beating and folding fuss. It can be mixed up in a couple of minutes and prepared in a quarter of an hour. It was one of the easiest tea time snacks mom used to make when we were kids. Back at home, mom used to make it with really ripe 'cheru pazham', the small bananas which is abundantly available in Kerala. I tried it with the chiquita bananas here and it turned out quite as good.
Here is the recipe...