I prefer the musical version:
My brother-in-law saw the Hoff perform this live on Broadway. He said it was laughably bad as you'd expect. I have no idea why they chose to see it really - tickets were probably $60-$70.
Also, I thought the 1931 version was excellent. One of the best old school monster films I've seen, up there with the Wolfman. I'd say Paramount out-Universaled Universal with it. Fantastic acting (barring a couple moments of stagey acting, as you'd expect) from March, particularly as Hyde. The best cinematography I've seen in a talkie this early. It's just really good.
I also saw the John Barrymore version a few months ago - I thought the design of Hyde was excellent (the only way I'd say the 1920 version is superior), and Barrymore did a decent job, but found the film quite boring even with a scant 80 minute run time.