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 Which does everyone prefer in their Bant Control decks? 
 I feel like RIP and Drownyard wins the control matches. But Elixir wins the other matches.
I am torn between which option is better right now.
What is everyones opinion on both these cards ? And Which does everyone prefer and why?  

Elixir fights Drownyard.

RIP fights graveyard strategies. 

I don't understand why you'd ask which of those people want to play. They're purely reactive cards designed to fight different decks, so I can't see a decklist where you'd choose between the two. They serve a different purpose.

running a quick thought exercise in my head, i would probably side with RIP.  the reason being that the general consensus is that elixir, while good in theory, is ultimately slightly win more, and running more... proactive?... win cons in the main (whether a second drownyard or more creatures or something) as a better plan.  i also don't like the idea of elixir as a better win con against drownyard mirrors because it is very possible that it will simply be milled out, whereas if RIP is millled, it isn't the end of the world.  i also really hate seeing RIP with all those think twices, seems very backwards.  i say if you really want yard hate, maybe a 1-of maindeck ground seal and then you suppliment that with RIPs from the board.

to the extent, it raises the question of why do we even need or want RIP maindecked, if only to copy Reid Duke.  

shred, since i know you raised this question in UW/x control, have you posted a list recently or a proposed list with any updates per your question?  are you running multiple drownyards?  are you still on the augur plan?  is augur even good?  and doesn't bant control ala R. Duke more or less fold to slaughter games?    

The obvious answer is that you run Rest in Peace with Misthollow Griffin. 

The serious answer is that you listen to B_F, and that Rest in Peace is better in Bant, Elixir is better for Esper mirrors. 

  I tried the Elixir maindeck tonight...very underwhelming. I sided out the Elixir for RIP so much tonight I just decided that if I run either main it would be RIP in the main and ELixir in the side for an answer to 4 drownyard Esper. 

@B_F
 I will post a list in the UWx Control forums sometime in the next 24 hrs. 
 I run two Drownyards. The card is amazing. 
Augur recently did me wrong one too many times so he has been cut. Excellent as long as he doesn't send  needed land or things like Tusk/RIP/Elixir/Dsphere to the bottom. I think just uping the draw power to 4 think twice and 4 Azorius charm is enough. Augur is good against aggro but at the time that is the only good arguement I have for him. 
I don't think the deck folds to a Slaughter Games since I survived 2 slaughter games in one game and the guy still couldn't win. 

I prefer Rest in Peace over Elixir.  There's splash damage against B/R aggro (running removal into Messenger, Gravecrawler) and also against UWR Flash (Snappy, Moorland Haunt, Runechanter's Pike).  Elixir doesn't do much work in those matchups.  In my experience playing against UWR, pike is the single most dangerous thing Flash players have against you.

All that being said if Reid Duke is in the room you'd better just pack Elixir.  Maybe even 2 lol.  That man is scary good.

 @ B_F and I have posted my current decklist for Bant Control in the UW/x Thread. 

To me it really depends on what my maindeck is doing. If I'm playing Think Twice and/or Forbidden Alchemy , Rest in Peace is terrible- But if I'm just playing Amass the Components , Thoughtflare or Divination / Inspiration then RIP is always more effective with your mill win-cons. I didn't mention Stroke of Revelation's Zenith Spring because whether you run one type of draw or the other, you're probably also playing it too.

There must be a lot of reasons of why it's bad, but in a Bant perspective Memory's Journey does quite ok for taking cards out of the sights of reanimators, plus it you can use it on yourself if targeted, by say...  Deathrite Shaman

I would put them like this:

Purify the Grave > Memory's Journey > Ground Seal >  Rest in Peace > Grafdigger's Cage


Cheers

 One good point to RIP though is against flash with pike it just makes their guys weaklings with first strike.
Being able to shutout other control decks that are running Elixir is just too good I have found.
I have yet to play Reanimator with the RIP mainboard, but between RIP and Dissipates it shouldn't be too bad for me.

I'm beginning to think that I prefer RIP in the main while I sideboard the Elixir. I playtested with the Elixir and played FNM with it mainboard and RIP sideboard and Elixir did nothing for me at all. I seemed to always side it out and bring in RIP.

So maybe for my local meta RIP is the better maindeck option of the two.