The second should perform better. It will the smaller proportion of the data that you want to return.
The second gives the query optimiser the chance to do the query in any order it wants, the first forces a select from the first table first (which in your case is likely to be the one wanted).You can also use parallel queries on the second one ie more than one thread working on the query as the optimiser can do this.
To check on this run a Showplan (Sybase or SQL Server) or EXPLAIN (Iracle) etc to see the actual query generated.