Best Way to Setup Using Multisite Analytics

I have a multi-site network that I own each site on and I want to track both network and site by site statistics.

Can I access these stats via Analytics just by adding my UA # one time in the Network settings, or do I have to create a unique UA# for each of my domain mapped sites in the network and individually add the UA# into each site's GA settings?

If I have to go individually, what's the easiest way to create these UA#'s in Google Analytics. What I mean is, what is the best way to set up the structure to manage it.

e.g.
1. New Account for the Network Name / New Property for each site. OR
2. New Property for the Network Name / New Profile for each site

Thanks for your help in advance

Paul