It's actually almost a mixture of the two of these, but closer to 707MickeyGirl. (lived in Quebec for 9 years, took French in school from Junior K to Grade 12) The closest I can come to explaining it is "pawm" or "pohm".
I now live in BC and I love hearing people try and pronounce some of the street names around here. My favourites are Quesnel and Esquimalt! My GPS has a field day with that last one.
Ok, we can agree on "pohm" (with a lengthening of the "mmm" sound at the end. I took French from 7th grade all the way through college. There will always be slight pronunciation variances on words depending on what kind of "French" person taught you and the regional accent they might have. I had teachers from Quebec, Morocco, Paris, Alsace, Martinique, and Algeria. They all spoke differently.