jQuery element creation - efficiency question

Are there really any strategic or efficiency differences between using the following:

#1)
var formEl = $('<form id="merchant_form" autocomplete="off" method="post" action="" />');

or #2)
var formEl = $('<form />');
formEl.attr({
'id': 'merchant_form',
'autocomplete': 'off',
'method': 'post',
'action': ''
});

Thanks for the 'input'