I like the Vanishing Vision and Blue Blood versions equally. If I had to choose just one, I'd probably give a slight edge to VV, though they're both fantastic.
Actually I think the contrast between them is interesting because they bring out different aspects of the same song. To me VV Kurenai is more angry, immediate, and personal, while BB Kurenai has a greater epic sweep (probably due to the orchestration) but is somehow a shade more distant for it.
And though the funny English on VV is a little... unfortunate, if you ignore the meaning of the words and focus only on the sounds of the syllables, I think the song works really well in English. The Japanese version is sung, the English version is practically chanted on the beat and (due to how English sounds as a language, more consonants and etc.) has a more explosive, percussive quality.
"MY HEART-has BEEN GON-na DYE DEEP RED" has a lot more punch and drive than "KU-RE-na-I (pause) ni SO-MA- -TTA", though the latter flows better and is more melodic.