The second, in my opinion. is preferable, provided you capitalize "all" thus: All. You may need to consult a style manual for the rules on commas. I don't happen to know if the commas would actually be incorrect. I see no need for them, however.
Comma use is a slippery occupation. My opinion is that their function is not mandated, except to make sentences, and the relationships between the parts of sentences, clearer. Thus, comma use can vary with the literary ability of the writer and the literacy of the reader.
That said, if the sentence is clear without, don't clutter it up with superfluous punctuation. Among your four cho