Condition one: "cocked and locked" Round in the chamber, hammer cocked, saftey on.
The best way to carry the 1911 pistol.
Condition two: Round in the chamber, hammer down, saftey off. (BTW: the saftey won't engage unless the hammer is cocked.)
The worst way to carry due to the possability of fumbling the cocking of the hammer and causing a ND. Also very slow to get into action.
Condition three: Chamber empty, hammer down, saftey off.
Still not as good as condition one, but faster and safer than condition two.
There ya go.