Both!
I have been with Filipina ladyboys who are cut and Thais who are not and I honestly have no preference. I like uncut girls to be able to bare the head of their cock - I had one sweet ladyboy with phimosis (she can't bare the head) and she was upset that she couldn't please me because it hurt when she got really erect. I felt bad for her and wanted to have her orgasm - she swears she never has - but couldn't because of the discomfort. But I digress, sorry. I think I like the look of uncut because it is different than me. Sexually probably slightly lean toward cut, but it isn't a big deal either way.
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