Magento: Get the current date and time according to the timezone

<?php
    $time= Mage::getModel('core/date')->date('Y-m-d H:i:s');
    // Or
    $time2= date("Y-m-d H:i:s", Mage::getModel('core/date')->timestamp(time()));
    echo $time.'<br>'.$time2;
 ?>