You really need to look at / consider both and you can of course run a combined search to see the number of pages with the keyword(s) in the title and in links to those pages - this is a good way of assessing the relative degree of competition for any keywords.

It is usually much easier to control what you can achieve with on-page optimisation (which will be relevant for the intitle search) but much harder to guarantee achieving high numbers of keyword rich links (which will be releavant for the inanchor search), so if you are after short term wins, it is arguably worth targeting those phrases that show fewer results for the inanchor searches (assuming that you are confident that you can build links to your site and that you are able to optimise the pages accordingly).

You should also have a look at where the links are coming from as you often see very high levels of inbound links but a bit of investigation shows that they are all from one source, e.g. a footer link on a massive site. It is usually more effective to have a lot of sites linking to your page (with keyword rich links, ideally) than to rely on a high number from one site.

"I personally usually use allinanchor as if people are optimizing for a term they will almost always use it in anchor text but not always in a page title."

Hmmm, you would hope that you would use the terms you are targeting in your page titles if you are serious about ranking well for those terms...

Joe

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