Based on Forvo's pronunciations, I think the one when you listen to the whole sentence is correct. http://forvo.com/word/%D0%B4%D0%B5%D0%B2%D0%BE%D1%87%D0%BA%D0%B0/#ru
It is pronounced [ɨ] (IPA syntax), a vowel sound which does not exist in English. To produce it, place your tongue in the middle of the way from I to U, at the top middle of your mouth, and vibrate your vocal cords, as you do for any other vowel.
This tongue position can be seen in the IPA vowels diagram (the position of each vowel corresponds to the position of your tongue in your mouth): http://www.internationalphoneticalphabet.org/wp-content/uploads/2013/11/ipa-vowels.gif