You will probably burn more calories doing the HIIT. So for weight loss, that.
For conditioning... well, real sprints are really about power output and a little power endurance. HIIT with long work periods is more like threshold training- being able to maintain good power output for extended periods of time when beyond what your aerobic system can maintain. It partly depends on your needs/relative weakness and maybe also your style.
The only thing is that anaerobic work is quite sports/movement specific. So if you are doing sprints and running HIIT then you will build your endurance and power while running. Transfer to other activities (like pushing, pullling, carrying) probably will be held back or reduced somewhat. People here argue here about whether you should be trying to do sports-specific conditioning or just do your sport more- but there's no doubt that with anaerobic work the more similar the movement to your sport, the greater the carryover should be.