System variables in database: One row per variable or one row with pickled dictionary per module?

Question

I am designing a blog/news website with a number of modules.

These modules need some settings saved in the database. Which of these two options is better:

1. Each variable gets saved in a single row. When they are needed, the row gets queried.

2. Variables of a single module get pickled on submitting the settings form (only the user can change these variables, not the system), and saved to a row in the variables table. When needed, the row is queried and the dictionary is unpickled.

I am using MySQL.