"I live in Britain" vs. "I live on Britain" [duplicate]

Possible Duplicate:
How small does a land-mass have to be before you live “on” it, rather than “in” it?

Seeing that the term Britain refers to an island, which of the following sentences (if any) is the best way to state the fact that one lives there?

I live in Britain.

I live on Britain.

Solution 1:

The island is Great Britain. Britain is a conveniently short way of describing the state known formally as The United Kingdom of Great Britain and Northern Ireland. It follows that 'I live in Britain' (as indeed I do), just as a French person might say 'I live in France'.

Solution 2:

You could also say, "I live on the island of Great Britain", though it does sound somewhat grandiose way of saying it :D This is then describing that the object in question 'Great Britain' is being refered to as a geological/geographical rather than political/communal location. Leaving the "the island of" out infers the political state, moreso simply because of the amount of times it is refered to as such, and thus "on" sounds rather odd (and incorrect if we take the inference as concrete).