Water- or Oil-Based Semitransparent Stain For PT Deck?

Hi,
Which is better in terms of ease of application, longevity, and cleanup, water- or oil-based stain? These are aged but clean PT decks. Are the differences that significant?
Thanks, Gary
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Obviously water based is much easier to clean up and IMHO easier to apply (no bad fumes to breathe). Not sure about longevity though. Water based products exist mostly to comply with gov't regulations concerning low VOC products not so much to make it easier for consumers but it sure is appreciated.
If you plan to use a sprayer, definately go with water based or the cleanup will be a pain ITA.
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