Why is it an either/or? I want both, and it's not unlikely that we will get both.
We know they're working on a new game so that's not even a question. And GREZZO could probably make Majora's Mask 3D in six months. We know they've had access to the game's assets since sometime during the creation of Ocarina of Time 3D, and for all we know they could have started work on it already.
I don't really care which comes first, but I'd like to get some news about them. Hopefully there will be something at E3.
I would love to have MM, just because after OoT, I think it would be appropriate. I would also like LoZ and AoL on the 3DS. I'd like to see some of the first ones remade and revamped for a new and good handheld. However, I don't want a new Zelda games for the 3DS. I don't think it would work. I'm a big person on system over handheld games.