Egwene and the White Tower (24.0% - 24 votes)
Taim and the Black Tower (64.0% - 64 votes)
Neither (12.0% - 12 votes)
Anywho, I hate to say it but I'm gonna have to give this one to the ladies.
They have angreal, sa'angreal, numbers, and linking. True, the Black Tower has bonded some female channelers, but the White Tower has the numbers to make more circles.
Sad to say, the Black Tower doesn't have any restrictions as to what they can do with the Power and they have been trained to kill.
As awesome as Egwene would no doubt be, the Asha'man are not only trained specifically for warfare, we've gotten examples time and again of AS ineptitude in combat, both against the Seanchan and the Asha'man...and neither of them have the use of circles, which would in theory be be major AS advantage.
On top of that, the AS are bound by the Oaths—and, well, lets just admit that Taim and his toadies would probably be stupidly aggressive, taking advantage of the hesitation that the Oaths would force on the AS.
Aes Sedai are...trained? I suppose. They aren't trained to fight though, and are constrained by the oaths. Plus, it's extremely unlikely they could ever form a plan of action in any decent amount of time. It would be like fighting a battle where one side is led by Napoleon and the other is led by the U.S. Congress.
Plus, the Asha'man have bonded channelers of their own, so they could make some amount of circles. In the end though, I don't think circles would matter that much. They're limited by what the leader can notice and respond to, and because of the oaths, the Asha'man would always have the opportunity to land a first strike. Not saying it would be an easy victory, but there really isn't a way the Aes Sedai could win.
The channelers at the Black Tower were specifically trained to use the power for military purposes. Many are former soldiers, and they are further trained to be power weilding soldiers. The numbers between the Black and White towers is about equal (not counting all the new novices) and when you put an egual number of soldiers against a mob, the soldiers win every single time and usually quite badly.
The only way the White Tower could win would be to strike first, by surprise, and in circles of 13. With any type of warning, or in an open engagement the BT would destroy the WT. Even the WT circles would be worthless in an open confrontation, because with bonded female AS, the BT can make larger circles than the WT.