The sceptic inside me always pulls me towards the latter. We see ghosts only in dark spaces (the viewing is therefore disoriented, unclear and could be mistaken for something else). There is a certain mystery to the dark that powers our imagination and shapes what we see and noises we hear, can be exaggerated to something more.

Thinking more openly however, ghosts may well exist. They always tend to appear in places that have a history, or a person who may of lived there, who would have a good reason to linger about. Using modern reading devices to also monitor temperature and electro magnetism these days (forgive me if thats wrong), also push this further to become somewhat believable.
How about if ghosts are merely another creature living on Earth which we have yet to understand or find, or could they be the shadows of people from another dimension? (perhaps a little too far, or is it?)
I have seen a ghost myself many years ago but am still not fully convinced on the prospect. I guess public opinion on such a topic is divided, like many other things, but it makes you ponder..