PickupDirectoryFromIis

I'd like to configure <mailSettings> in my machine.config so that all developers can use the setting specified there. The applications should send mail using the local IIS SMTP server. What is the correct format for my machine.config I've seen it done a few different ways.

<mailSettings>
<smtp deliveryMethod="PickupDirectoryFromIis"
<network
defaultCredentials="true"
host="localhost"
port="25"
</network>
</smtp>
</mailSettings>

OR

<mailSettings>
<smtp deliveryMethod="PickupDirectoryFromIis"
</smtp>
</mailSettings>

Thanks.