Arnold by a hair. I like Stallone but Arnold's films I find myself watching more than Sly's. Do I ever need to see Stop or My Mom Will Shoot, or Cliffhanger again?
No, but I sure as hell will watch The Running Man and End of Days because Arnold is entertaining has well. Plus Conan, Terminator, Total Recall, and especially Predator are all perfect films. Having said that, First Blood, Rocky III and Rambo IV are damn near perfect.
And a big nod to The Last Action Hero & Demolition Man, the most underrated of all their films.