I use the if statement as something to reason on in this highly emotive subject.
if (cond) {
//code
}
by just asking what does the else statement look like? The logical extension of the above is:-
if (cond) {
//code
} else {
//more code
}
Is that readable? I don't think so and its just plain ugly too.
More lines is != less readable. Hence I'd go with your latter option.