Are you going to have other rotations that are on resident teams? For example, are your IM rotations going to be on resident teams? If not, I'd do the resident team.
The truth is that it really varies, so I'd ask people who have done rotations at the places you are going to. Some preceptors will let you do a ton, others won't. I did my cores with a residency team, then I got stuck doing a GenSurg rotation in 4th year (other rotation got dropped) with a preceptor, where I rounded on floor patients, wrote notes, and saw clinic patients (basically the stuff the surgeon didn't like to do), but literally did nothing in the OR (I just stood there), because he always had a PA with him. I did far more in my resident team based M3 surgical rotation.
Since it varies so much, your best bet will be asking those who've done it. Keep in mind also that they are going to be long hours, so you should keep in mind that you need time to study for shelfs and boards.