I'd choose life over death in any scenario I can imagine. I'd certainly choose life in prison over death. For me, life is always better than death. If it was death vs. life as an bed-ridden invalid wracked with daily pain I'd still choose life. There are bad things in life, but death is the ultimate bad thing.
I don't understand this "fear of death" mentality. I'm only going to choose life if I have a reasonable quality of life, where I'm (mostly) sane and able to enjoy some sort of activities and relationships with friends and family. If I am bed-ridden and in chronic pain, with absolutely no chance of recovery, I would choose death. Why live when I can't enjoy my own life and contribute to helping others?
Regarding crime rates in general, they're mostly affected by disparities in wealth. Look at Brazil for example: worst wealth distribution in the world, and some of the highest crime rates. The ghettos are scary there.
This is not to say we should live in a communist society, but under a capitalist society with less income disparity, crime is decreased and people are generally happier.
As for the original question, I'd choose prison. In a Canadian prison, I'd be able to play golf, work out, get another degree, read a lot of books and write. I would have free meals and a place to sleep. Hell, I'd even be up for a bit of manual labour so I can contribute to the economy.