Generics vs. Array Lists

Public Sub Run(ByVal strToProcess As String) Implements IPerfStub.Run
    Dim genList As New ArrayList

    For Each ch As Char In strToProcess.ToCharArray
        genList.Add(ch)
    Next

    Dim dummy As New System.Text.StringBuilder()
    For i As Integer = 0 To genList.Count - 1
        dummy.Append(genList(i))
    Next

End Sub

 Public Sub Run(ByVal strToProcess As String) Implements IPerfStub.Run
     Dim genList As New List(Of Char)

     For Each ch As Char In strToProcess.ToCharArray
         genList.Add(ch)
     Next

     Dim dummy As New System.Text.StringBuilder()
     For i As Integer = 0 To genList.Count - 1
         dummy.Append(genList(i))
     Next
 End Sub