Get last message from each conversation

select t.* 
    from 
        t 
      join 
        (select user, max(created) m  
            from 
               (
                 (select id, recipient_id user, created 
                   from t 
                   where owner_id=1 ) 
               union 
                 (select id, owner_id user, created
                   from t 
                   where recipient_id=1)
                ) t1
           group by user) t2
     on ((owner_id=1 and recipient_id=user) or 
         (owner_id=user and recipient_id=1)) and 
         (created = m)
   order by created desc

example on sqlfiddle