Use on WordPress on Multiple domain names?

Can I install one instance of wordpress-mu on webserver that will run two different blogs on two different domain names (for example one blog on http://www.example.com and another on http://www.example.net). The two domain names would be hosted on same server with two separate folders such as (/public_html/examplecom and /public_html/examplenet).

Or is it better to just install one regular wordpress on /public_html/examplecom and another instance of wordpress on /public_html/examplenet