To use or not to use each()

To use or not to use each()

I recently discovered how to use each(). So what now is the difference in the example below and if there is a difference, which one is more efficient to use?

//Example 1: using each()
$('img').each(function(){
       $(this).click(function(){
              //do something
       });
});

//Example 2: Not using each
$('img').click(function(){
       //do something
});