Obviously, I'd take either if magically offered, I'd probably not last a year. I think Arkansas is in a deeper hole. Ole Miss has had some level of success recently, even if ill gotten. Oxford is a nice little town. It's probably hot. The stadium is pretty nice, the fans are pretty committed (Arky probably has an edge here). Another factor would be which has fans with deeper pockets, which could be Arky.
Arkansas has to play Alabama and LSU every year of course while Ole Miss only plays them once a year.