I'm trying to widgetize a sidebar


The example code is:
PHP Code:
<?php if (function_exists('dynamic_sidebar) || !dynamic_sidebar()) : ?>

     <li>Stuff shown here if widgets are not active</li>

<?php endif; ?>
Using this method, it works!

I wanted to get a little creative and try something like this

PHP Code:
<?php if (!function_exists('dynamic_sidebar') || !dynamic_sidebar()) { ?>
     <li>Stuff shown here if widgets are not active</li>
<?php } endif; ?>
I keep geting Parse error!

What is wrong with my second example?