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This is a decision that took me a surprisingly long time to think about. While I am typically much more physically attracted to the petite teenage body, I think I would still have to pick Milf. Why? Well it really comes down to that old song from the music man, "the sadder but wiser girl for me." While a teenager will eventually turn into a Milf, you have a pretty decently long period of immaturity, and I'm at a point in my life (27) where I simply don't want to put up with that from a lover. Now there's always the possibility of finding a teenager that is more mature than certain adults, but that's a little more rare. With age comes wisdom, and statistically speaking women tend to outlive men anyways. If you're looking for a lifelong partner Milf is probably the way to go, and if you're looking for a fling... Milf is probably still the *safer* way to go.
Also I'd like to point out that women tend to hit their sexual peak in their 30s when they hear their biological clock ticking. I can definitely appreciate the enthusiasm of a thirsty milf rather than the uncertainty and the need for guidance a teen might have. While this might mean you can mold a teen into your ideal lover, that implies you have the skills to do so. Personally, I'm a much more passive kind of guy, so a woman who's not afraid to take charge is perfect for me.