Since I haven't played the second KOTOR, I won't vote, but Malak is cooler, IMHO. I'd rather be defeated by some "old woman."
And don't insult Malak – the fact that he heals by absorbing Jedi energy doesn't mean anything.
I just went and absorbed the Jedi's Force power myself (in all playthroughs, both light and dark side).
What surprised me was that when I played as dark side, Malak killed me about 10 times, but when I played as light side, I beat him on the first try.