Based off those two coolers, the r1 will be a better cooler. Single radiator (120mm) aio coolers compare generally to middle of the road air coolers, large air coolers can often compete quite well with 240mm dual fan radiators. A cryorig h7 will likely cool the same as an h60. Not to mention the air coolers will more than likely be quieter.
Water cooling can be pretty effective at cooling but the better coolers are usually custom loops with around $400-500+ worth of hardware. As water cooling gets smaller and smaller like with aio's down into the single fan 120mm radiators they've lost a lot of advantage. They're running smaller radiators, thinner with less surface area and the fans have to spin faster to keep them cool - translating to more noise.
The larger 240mm aio's improve a bit but they're still using lower quality inexpensive pumps and things to keep costs low. Figure on an h100i they're selling a pump, hoses, coolant, radiator and two fans for around $110 usd. Decent quality pump/reservoir combos for custom loops usually run around $100-150. Not including coolant, hoses/tubing, radiator, fans.
Some people have decent luck with aio's and others fight to get them working as they should. Weak pumps, air bubbles in the lines, proper connection to get the fans and pump working as they should. Lots of folks running into problems on the forums with them, rma'ing to get one that works, twisting and turning hoses to get flow running as it should etc. Given the lackluster cooling by comparison I tend to stay away from them personally. Unless you had a really small htpc case or slim case where air cooling wouldn't fit and an aio was the only option for something better than a low profile air cooler.