This entirely depends on who you ask as it is largely a subjective matter. However, it is worth mentioning that not all pancakes and waffles are made equally, so this is a difficult one to answer.
Which you prefer will depend on the processes you take to prepare and cook your pancakes or waffles, as both are strong contenders. However, preparing the batter alongside the cooking process is where room for error can arise.
Generally speaking, pancakes have around 20% fewer calories than waffles due to the difference in size. However, it is also worth noting that toppings can make all the difference, and adding more could affect the nutritional content significantly.