Both can be a lot of fun, but I prefer the lingerie for a couple of reasons. I appreciate the effort and time it takes to find something flattering that makes her feel sexy, it makes things special. Effort is a good thing on both sides.
More practically, all her buttons are the wrong way, her pants are too tight by male standards, her zippers are dainty tiny things that she’s usually laying on, and at some point you just have to make a call on the whole socks on/socks off debate. Lingerie is usually easier than a ziploc bag to figure out.
Also, I’m sure I’m the only dingus here who occasionally thinks it’s business time, and goes for that first button, when instead she says “thanks for doing the dishes. Goodnight”, or “my mother will be here in 5 minutes with our daughter” <doorbell> “you should get some pants”.
Lingerie sends a pretty clear signal, which I appreciate.