These two cases will give different responses, in the first case, the wings will assume a level position, the ball in the turn and slip indicator will be in the centre position and the airplane will exhibit a moderate sideslip into the inoperative engine. In the second case, the wings will exhibit a bank of 3 to 5 degrees into the operative engine, there will be a deflection of the ball one diameter toward the operative engine, and the sideslip of the airplane will be zero (Avstop.com). It should be noted that yaw toward the inoperative engine is not the only control problem experienced when the airspeed drops below Vmc. When full power is applied to the operative engine with the airspeed dropping below Vmc, there is a tendency of the airplane rolling as well as yawing towards the engine that is inoperative. This tendency is increased by further reduction in airspeed....

Since it is necessary to counteract this tendency through control of aileron, aileron yaw aggravates the yaw condition (more drag is created by the aileron "down" than the aileron "up") (Avstop.com). If for some reason a stall is experienced under this condition, there are high chances that a violent roll will be experienced into the inoperative engine. Such an occurrence close to the ground could be very fatal thus Vmc demonstrations should be carried out at an altitude that will allow safe recovery from loss of control.
References

ATP Seminole Training Manual

CFR 14 paper

Avstop.com, Vmc demonstrations, retrieved on November 1, 2011 from http://avstop.com/ac/flighttrainghandbook/vmcdemonstrations.html

Federal Aviation Administration, (2007). Airplane flying handbook, New York: Skyhorse

Publishing.