How to wrap a list around an image while separating list items?

I have a jsFiddle demonstrating the problem. What happens is that I don’t see a normal indented list if it is wrapped around an image (which floats on the left). I tried adding margin-left: [some value];, but only the list below the image shows the margin (as seen). I know that the top list also gets margin, but as it wraps around, the view of the image already serves as its left margin.

Is there any way around this?