Which one is correct?[/list]
They are both correct, but the former is more emphatic. And that is the main distinction in how they are used. If you listen to the tone in which they are said, you will pick that up.
Of course, you intended to write “each and every one of us.”
Each of us has a pen on our desks. - Rarely would we need to make a huge deal of “everyone” in this case.
Each and every one of us makes mistakes. - Where the emphasis is understandable. We want to stress that there are absolutely no exceptions so that the other people understand our point fully. “Each of us” would work here, too, but the sentence would lose some power.