I also like the first better than the second. I think a waist is a must.
I was also going torecommend Boden - they have a lot of jersey dresses, often in fun prints.
Finally, check out Lands End. This is a staple for them and they have lots of options:
http://www.landsend.com/products/womens-fit-and-flare-dress/id_280128
Ok,this one doesn't have a waist, but I think a pattern is better than no pattern for this - otherwise it's too shapeless:
http://www.landsend.com/products/womens-short-sleeve-boatneck-shift-dress---pattern/id_284130
At 5'4" (my height, too) petite sizing for dresses often works better for the "not swimming in them" look.