205
The 205 is the best stock transfer case you can get. It's all gear driven, cast iron, and heavy. Its also a part time unit meaning you can have unlocking hubs and not have to spin the front drive shaft all the time. The 203 is a chain driven unit, that tends to stretch and cause problems once they start to wear, and is a full time 4x4 case unless you put a kit into it to make it part time.
I would consider the 203 to be the second choice.
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