Is a token element with a carriage return, or leading/trailing spaces, valid?

Hi Folks,
 
Consider this element declaration:
 
      <element name="Title" type="token"/>

And consider these two instances of the element:

      <Title>My Life and 
      Times</Title>

      <Title> My Life and Times </Title>

In the first instance, the data has a carriage return.

In the second instance, the data has leading and trailing spaces.

Are the instances valid or invalid?

    XML Spy says they are invalid.

    Oxygen XML says they are valid.

Which is correct?

/Roger