jQuery .data() usage

I use .data for storing values instead of accessing DOM elements. I realized and found a better and faster way of it. In fact I have been using 

for a while now. 
Check out following/ these cases-
The other way for the same is as -
$.data('#myElementID', key, value );
case 1 : 
It creates a jQuery object and then do the data parsing. It creates an overhead.
case 2 :
$.data('#myElementID', key, value );
This one is faster than first. As it does not go for object creation.