Should i put images into a paragraph or a html list? - HTML

Should i put images into a paragraph or a html list? - HTML

Example, should i do it like this?

<p><img><img><img></p>

Or like this?

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

Or somehow else?

EDIT: sorry i forgot to tell you for what i use the images. It's a gallery. I just wanted to know which one is the proper way, or are this 2 both the proper way? Thank you.