If White is allowed to play (it really doesn't matter where Black plays first), then White almost fills with a bulky five and Black is dead.
After "Continuation 1" above, this shape results on the board. After , Black must defend inside - else White's cut at is atari and kills. The final territory is 3 vacant points + 4 prisoners = 7 points in deiri counting (3.5 points in miai counting).