Both.
Each has its strong points but that differs. The AIO has a higher wattage ceiling, so at max cpu output it has room to spare, which puts the cpu further down on the fan curve, meaning lower temps. The aircooler has a lower ceiling, but is more efficient, so at almost any level under close to max output it'll get lower temps.
There's no one clear winner either way, it's all dependent on your usage, OC or boost levels, core amount etc.
Under @ 70°C, there's no difference to the cpu. It doesn't care if it's 55°C or 60°C, that's Your preference, not the cpus. So getting the absolute lowest temp possible is a moot point. It's all about maintaining a lower temp, not reaching the lowest temp. If your usage is highly cpu demanding, like folding @ home or blender or long renders etc, the AIO will be the better choice. If just gaming use and lighter workloads that really don't tax all 20 threads, the Noctua will probably be better.
Just don't forget the extras, like additional fans for an air-cooled case, ram clearances, case tolerances etc.