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Waffles most definitely. I'll eat pancakes every once in a while, but for the most part I'm not a fan of their fluffiness. (though if there's a funnel cake in the choices then you best not tell me about it or it will be gone in seconds XD)
Pancakes. Ten times easier to spread peanut butter on them. I don't really like the holes in waffles. They're tasty and all, but pancakes are much less of a hassle for me, both for preparing and eating.
Although French Toast is the best. I eat them at least twice a week these days, and I'm still not tired of them. d("d)