there both from the Dev-team and are fine. lately though I think more effort is out into Redsn0w also seems to update faster. Every thing that you can do with Pwnage you can do with Redsn0w. Major difference was baseband preservation but Redsn0w has done that to for a while.
Redsn0w can't preinstall cydia programs like pwnagetool can. It also can't adjust the root size partition. But that's really all that matters.
One other big thing. When you restore with your custom pwnagetool firmware you are jailbroken with cydia installed ready to go. With redsn0w jailbreaking is always an additional step to dfu world.