The page table in the first case is a per process data structure.Every process has a pointer to its own page table ,this pointer gets loaded in the %CR3 register when the process is scheduled.Also it is saved when is it context switched along with other registers.
But an inverted hash table is a global data structure.The OS which uses this technique will use some locking mechanism to give access to only 1 process at a given point of time.(imagine 2 process on 2 cores accessing a global data simultaneously).
Assuming 4GB of per process ram and 4096 page size, In the first case each process has 4GB/4096 , (no of entries in its page table * size of each page table entry) and all this will eat up space, for every process that is created/forked.The total memory used for mapping virtual to physical is sum total of page table size of all process.This is simpler approach since on every context switch you will only change a pointer ,nothing complex.
In the second case you will have a single table with only 4GB/4096 entries,so space is saved,but the memory management becomes complicated, since this a global data , you will have to add more information in each entry telling how the current owner is (as you have shown)etc.The MMU/OS has to take care synchronization.
But the example you have given is not accurate , on a real system with per process page table the entire address can accessed, in your case process p1 has 4 pages and p2 has different set of pages. In reality both process can access same virtual address , mapped to different physical frame.So each table in your must have had 8 entries each.