[html] Should I put input elements inside a label element?

Personally I like to keep the label outside, like in your second example. That's why the FOR attribute is there. The reason being I'll often apply styles to the label, like a width, to get the form to look nice (shorthand below):

<style>
label {
  width: 120px;
  margin-right: 10px;
}
</style>

<label for="myinput">My Text</label>
<input type="text" id="myinput" /><br />
<label for="myinput2">My Text2</label>
<input type="text" id="myinput2" />

Makes it so I can avoid tables and all that junk in my forms.