I've seen both movies and was slightly disappointed by both.
Yes, Snow White and the Huntsman has an all-star cast but the movie fell short of my expectations. That's not to say that it was bad; the acting was alright and the story was good too, but the previews made it look amazing. It was entertaining and good, but not amazing.
Red Riding Hood was good, but I feel like it wasn't as memorable as it should've and could've been. Then again, I'm not the world's biggest Amanda Seyfried fan... that might've changed how I looked at things I guess.
All in all, based on a hard-core directing and entertaining-ness (haha yes, I'm making it a word) scale, I'll go with Snow White and the Huntsman. Certain parts were pretty sweet - plus, I absolutely love the story :)
Have a good night!