Comparison of opto-isolated feedback methods in Flyback SMPS?

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Flyback

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The following two flybacks are equivalent in vin, vout, pout, fsw, both currentmode, Ns/Np, R(sense), Cout
However,in one the opto is connected to vout, but in the other, the opto is connected to a regulated bias supply.
Which method of connection facilitates achievement of the fastest transient response whilst maintaining good gain and phase margins?
LTspice simulation of both are attached, as well as schematic in jpg and pdf
 

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  • Flyback _TL431_compare.pdf
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  • Flyback _TL431_compare.asc
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  • TL431 feedback compare.jpg
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