What is the difference between the options
Is one of the options faster?
When should each option be used?
The latter should be strictly faster, as it does not need to rebuild the block index first. Perhaps the progress bar during reindex confuses you: that progress is only for the rebuilding of the index. The recreation of the chainstate happens after that rebuild is completed.
You should use
-reindex only when you were running in pruning mode, or if you suspect the blocks on disk are actually corrupted. Otherwise, when you only suspect corruption of the chainstate (which is far more likely), use