My answer is different, I'd say that it's nearly always the vowel ə (which is how "e" in "the" is commonly pronounced). You can Google for pronunciation. Also, incidentally, my memory of the Birmingham accent (UK) is that they'd pronounce "fruitless" as "fruitliss". So, like the "i" in "list". But that's regional.

I agree with Steve and Jerry. It's theoretically a schwa /ə/, but keep in mind that the schwa represents a neutralized vowel, and tends to vary depending on the following consonant (if any). A following M or dark L will move the schwa further back in the mouth, while most consonants (like N or S) will move the schwa forward, giving us a barred-I /ɨ/ (like a partially neutralized version of /ɪ/). These differences are normally allophonic rather than phonemic in nature, which means that they are incidental and not easily noticed by native speakers. Notice how we use /ə/ in the last syllable of “America,” but /ɨ/ in the last syllable of “American.”

Is it pronounced like "i" in "list" or "e" in "the"? NO It sounds like the e in "west" or "best".

I think I do the Neanderthal grunt: ugh! Basically the schwa vowel. Ugh! Ugh! Sometimes it's more like the 'e' in west and best. I suppose I'm making a bit more effort on these occasions?