Yeah it's interesting how in some contexts they're interchangeable yet, culturally we very often use the words differently.
Personally I tend to feel like your second bullet - ethics are based on rules whereas morals are based on emotions.
Personally I tend to feel like your second bullet - ethics are based on rules whereas morals are based on emotions.
That said, picture someone killing a kitten and someone else killing a cockroach. One could prevaricate all day with highbrow reasons for why the first is monstrous and the second is perfectly moral -- but honestly, for most people, I suspect it comes down to the fact that kittens are cute and cockroaches aren't.