What a ridiculous question. The answer is clearly cheese.
But here’s a pencil joke for you: What’s the biggest pencil in America?
Pennsylvania!
Please tell me that pun was intended. Please?
Yep, sure, cool, fine ::new here, doesn’t know deal::
Having said that, I thought “which is funnier, pencils or cheese?” was the epitome of the pointless and mundane… My bad. 
How is it that I could still be bothered asking this question, to the point that I’ve asked just about everyone I know?
I’ve been asking this question for five years and I’m still asking…
There really is a good reason.
Until I put up this thread, out of hundreds of people, in five years of asking, no one had ever said that pencils were funnier than cheese.

Until the day someone says “Whew! Smells like pencils,” cheese will always reign supreme in this battle.
It’s got to be the cheese, because by any standard, pencils are number 2.
There are many things that are funnier than cheese. However, if my only two choices are cheese and pencils, I’m gonna have to go with the cheese. It’s just funnier.
Me? Pun? Never.
HA!
I could not let that go by without some recognition…
Did ya hear about the constipated mathematician?
He worked it out with a pencil!
BWAhahhahahahahahaha. [sub] I am sooooo sorry. I’ll go now.[/sub]
.
It was Biros. IIRC, he used pencils for changing the radio station on the starship Heart of Gold, and failing to work out complicated improbability equations, among other things.
Hm. I’m trying to think if I can remember that from the book - or was it just in the movie? Not that it matters terribly, of course.
Incidentally, Hamlet was once doing a portrait of Ophelia in pencil; and he stood in front of his pencil case, pondering: “2B or not 2B?”