Top one. Since the intake is already in the fender you don't need all the plumbing on the outside. Besides, the less you have to worry about on the outside, the less you have to worry about the body contours matching up with the snorkel.
i highly doubt either one would fit. the snorkel itself is too thick....like the OD of it is too big to fit out fender....the space bt the top of our fencer and the fender buldge is so close togheter.... and even if the 1st pic might look better, i would think that the 2nd one would work better its in a better location. our intake is real close to the front of the fender. its will not only make less curves but also have a straighter path for your air to flow in. but i guess it wouldn't really matter since the snorkels length itself will add a huge amount of restriction.....
i think the snorkel for the BRAND NEW LX470 would fit better. the offroad shop i worked at had one...made of carbon fiber too...OoOooOoOo
not to ruin the fun, but i was about to this as well before reading somewhere on this forum that the X's just have way too many weak spots when it comes to deep water fording, so the snorkel would most likely be cosmetic since you would f up the x way before you got to the need of using the snorkel.