If you use the second form, you'll be able to call methods on myList that are part of the List class, but not part of the IList interface without a cast.
If you use the first form, you'd be able to assign other instances of IList to myList in case you wanted to use a different IList implementation later.
When deciding which one to use, the best practice is generally to use the most generic form possible that has all the functionality you need. If IList has all the methods you need, then use that. If IEnumerable has everything you need, then you could be even more generic and use that instead.