I've never seen the other version, but I am sure that Muppet Glee Club will remain my favorite as it had the biggest impact on me. Not only is the pre-song dialogue hilarious ("And when I wave the stick, I would like to HEAR SOMETHING!") but to me, it was the first sketch that really showed the beginnings of Piggy as we know her today.
(Oh yeah, and can't forget about the Dave cameo.)