If you were to build a Defender 110 and use it as they were intended to be used. Off road vehicle, grocery getter, farm tractor and you had a choice of:
Cummins R2.8 8 speed auto , 5 or 6 speed manual
Gen5 LT1 6.2 V8 8 speed auto only
Which would you choose
Oliver
Among the two choices provided, the R2.8 is the obvious answer to your specific question.
Many here seem to be answering a more general question. Here's my take:
I don't want to turn the Defender into something it wasn't intended and engineered to be. Our family enjoys two modern vehicles that meet our 2020 needs. The Defender fills the void that the others leave.
Speed, I don't need it to be faster, as it was never designed to fulfill a busy commute, high-speed highway travel, or to perform sports-car impressions on country roads.
Power, I don't need much, as power beyond what the rest of the packaged components are engineered for results in breakages. "As slow as possible, as fast as necessary." Limited power also serves to protect oneself (and the vehicle) from performing unsafe and cavalier stunts when off-road, as we're occasionally tempted to. There's a fine balance between limiting risk and providing sufficient power to do the job without struggling.
Weight, unfavorable to vehicles and off-road performance in many ways, is not a strength of most older engine options other than the maligned RV8.
Simplicity, as with it's forebears, runs as a theme throughout the Defender. Extended to the engine bay, it's hard to beat the simplicity of NA engines and mechanical diesels.
Character, the Defender exudes it. All its quirks that result from its time and place in history are part of the experience. Any number of engine swaps may objectively perform better, but none will own the identity and character of the original options to complete the quirky puzzle that makes a Defender.
Reliability, it's highly variable depending on your luck, prior (often unknown) maintenance, usage, and inherent design strengths and weaknesses of a particular engine. Most of us are familiar with the strengths and weaknesses of the various LR engines, but less so with the various swaps.
There's no single best answer, as all engine options involve some sort of compromise. You just have to select what your is personally. I wish there was an option as light as the RV8, with the power of the Td5, and as simple as a 2.5D, but it doesn't exist as far as I know.