Residency based (if available)
Preceptor based clinical rotations are highly variable. You may receive great experience and education, with one-on-one teaching and lots of procedural experiences. Or you may be a glorified scribe or just shadowing an attending and learn by osmosis (and studying for the shelf)
With residents, you may be on the wards or even in a office/clinic environment BUT you are seeing/learning how residents interact with the attendings, and seeing the responsibilities they have. You will gain experience rounding, writing notes, presenting to teams on rounds, etc. You will be interacting with teaching attendings who interact/teach residents on a daily basis and know what to expect from residents (and students). Expectations from 3rd year med student is different from a PGY1, a PGY3, or a PGY6 fellow. Also not all teaching attendings are nice/great, but also something to learn/experience as well.
And when it comes to residency application, how will program directors (and associate/assistant program directors) know what type of education you received during your preceptor based rotation? While they can deep dive into your files/application to learn more - most likely they won't because they have hundreds/thousands of applications to go through.
The question is - on July 1, will you be ready to be the intern on service, taking over an inpatient team? Do you want your first inpatient ward experience to come as an intern on service on July 1?
Something else to keep in mind - some of your MD student colleagues will be presenting in department grand rounds, or presenting at regional or national meetings. Some are publishing with residents/attendings co-authors. They are your "competition" for residency.