What's the best status to elect when forming a multi member LLC? Corporation status or S Corporation status.?

When I went to the IRS.gov site to apply for an EIN. I stated I wanted to start an LLC with one other person. I was told that because of the number of people listed as members of the LLC, that we would have to elect either a Coporation status or an S Corporation status. The site explains the differences in the two in regards to paying federal taxes but it doesn't say which is most popular or better.