I assume that inputdata is not NULL.
In that case the second approach should not work at all, since the specifications says, that clCreateBuffer returns NULL and an error, if:
CL_INVALID_HOST_PTR if host_ptr is NULL and CL_MEM_USE_HOST_PTR or CL_MEM_COPY_HOST_PTR are set in flags or if host_ptr is not NULL but CL_MEM_COPY_HOST_PTR or CL_MEM_USE_HOST_PTR are not set in flags.
so you mean either
clCreateBuffer(context,CL_MEM_READ_ONLY | CL_MEM_COPY_HOST_PTR,sizeof(float) * DATA_SIZE, inputdata, NULL);
or
clCreateBuffer(context,CL_MEM_READ_ONLY | CL_MEM_USE_HOST_PTR,sizeof(float) * DATA_SIZE, inputdata, NULL);
The first one should be more or less the same as the first approach you showed, while the second one won't actually copy the data, but instead use the supplied memory location for buffer storage (caching portions or all of it in device memory). Which of those two is better depends on the usage scenario obviously.
Personaly I prefer using the two step approach of first allocating the buffer and afterwards filling it with a writeToBuffer, since I find it easier to see what happens (of course one step might be faster (or it might not, thats just a guess))