Porting a VM to LLVM

Hi guys,

first of all let me say "hello" to everyone. Its the firt message for me in this list and I'm pretty happy that I'll be able to finally start working with LLVM.

I've a question for you all if you can help me: a few years ago I've implemented a simple VM for a language we're using in my company. The VM JIT compiles a simple bytecode and executes it. It works quite well, better then some well know VMs. My idea now is to try to migrate the VM to LLVM to see if I can gain something in terms of speed and extensibility.
I'm totally new to LLVM, but as far as I understood thare might be two ways to add LLVM to my project:

- generate IR from my complier;
- build a VM that converts at runtime my bytecode to IR and executes it;

I largely prefer the second option because it would be great if I can continue to use to old programs without having to recompile them.

Which approach do you suggest ? are there any alternatives ?