Group created from My Group and Privacy Settings

In D7 final, member can create groups from My Groups page or Privacy Settings page to the same people group,

such as Friends. Any one know what's the difference between these two kinds of group created from different page.

And where is the group created from Privacy Settings page located(where to find it). Thanks.

creating a group is completely different than privacy groups.... a privacy group is a group of people that can view your profile

Thanks, mrpowless. Now I have general picture of privacy group.