if you want my opinion, Gyardos is way better. It is a better battler than Milotic. However, Milotics usually have higher HP, but that kind of depends on the level you compare them at.
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floazel
dragonite 'cause its way rarer.
well... gyrados is best of course.
The red Gyarados is simply a shiny Gyarados. This means the red Gyarados is not any stronger or weaker than other Gyarados. Gyarados in general is considered to be a very powerful Pokemon for how easy it is to get.
milotic of course