What does Psalm chapter 51 verse 7 mean?

“Behold, with iniquity I was formed, and with sin my mother conceived me.”

הֵן־בְּעָו֥וֹן חוֹלָ֑לְתִּי וּ֜בְחֵ֗טְא יֶֽחֱמַ֥תְנִי אִמִּֽי:

I’ve heard it translated two different ways:

1. I was a sinner since birth (David’s a sinner)

2. My sinful mother conceived me (David’s mom’s a sinner)

Which is correct?