Minor issues in analysis of lis

what will be the number of recursive calls and depth of stack required to implement lis using top down approach with and without memoization?

With memoization, there are atmost n^2 states(Space complexity is O(n^2), so clearly maximum number of recursive calls will be n^2. Same will be the depth of stack.
Without memoization the number of recursive calls will be 2^n. (Bacause At each index i(from 0 to n-1), there are 2 choices-> either LIS ends at index i or does not end there). So same will be the depth of stack.

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is depth of stack will be O(n) or O(n^2).how is it the latter.please give the recursion tree for that.