Both methods to be honest are simple. They are just a means to an end until the student starts linking pitch and power at the same time.
As for whats the best one to teach?
Which ever one the instructor is most comfy with teaching, if the instructor is comfy and enjoying themselves that will create a good learning enviroment which will get the job done.
But I still reckon you can't do a point and power with your pitot system shagged. You can with pitch for speed.
My students do zero instrument circuits and a system failure wouldn't really bother them to much. In fact I think its quite a usefull skill for them to have.