This is a question of style (or preference) since the interpreter does not care. Personally I would try not to make the final statement of a function which returns a value at an indent level other than the function base. The else in example 1 obscures, if only slightly, where the end of the function is.
By preference I use:
return A+1 if (A > B) else A-1
As it obeys both the good convention of having a single return statement as the last statement in the function (as already mentioned) and the good functional programming paradigm of avoiding imperative style intermediate results.
For more complex functions I prefer to break the function into multiple sub-functions to avoid premature returns if possible. Otherwise I revert to using an imperative style variable called rval. I try not to use multiple return statements unless the function is trivial or the return statement before the end is as a result of an error. Returning prematurely highlights the fact that you cannot go on. For complex functions that are designed to branch off into multiple subfunctions I try to code them as case statements (driven by a dict for instance).
Some posters have mentioned speed of operation. Speed of Run-time is secondary for me since if you need speed of execution Python is not the best language to use. I use Python as its the efficiency of coding (i.e. writing error free code) that matters to me.