I don't think that those options have to be mutually exclusive. A girl can do both at the same time. But for the sake of answering your question, no matter how the girl dresses, it's better if she's stylish rather than just trying to bare it all to be attractive. there are classy ways to do both at the same time though.
I feel that a girl who knows how to dress herself is better than a girl wanting to show their figure. A Girl will want to show off their figure only if they want to make another girl jealous or to attract boys. 9 out of 10 people will find a girl who can dress herself better in comparison to a girl who wears tighter clothes to show their figure.