Both are good. Tales of two friends of mine.
The first had long, long hair, down to her butt, for a long time. During sex, she could do exactly this:
Hoo mama mama.
Big drawback: It was really, really easy to accidentally lie on her hair and hurt her. Not good.
Then she had to get it cut for a part in a play. The role? A concentration-camp victim. She went from three-foot hair to shaved head overnight. (Her hair, in a braid, is still in a box at her house, I believe.) She kept it that way for a while, just to be different. Right now she’s got a short bob, and she’s cute as the dickens.
Other friend: She has brilliant red hair. Not strawberry blonde, not auburn, I mean the fiery orange-red that maketh me little heart go pitty-pat. For the longest time, she had a generic straight cut, length variable but usually just off her shoulders. She’s got a cute, round face.
Then one day, just for the hell of it (actually, it was one of those bad-insecure “MUST RADICALLY CHANGE HAIR” days), she got it chopped: tapered in back, inch-long moussed spikes up top. And she went from being cute to hot. Spectacular. First time I saw her, my jaw fell open. Basically, her hair is so brilliant it’s all you really see when you look at her, and the short cut suddenly made it clear how pretty her face is. Unfortunately, I couldn’t convince her how good she looked; she regretted the choice and grew it out as fast as, well, as fast as it would grow.
Female celebrities with short cuts who (IMHO) look weird and/or less attractive with long hair: Winona Ryder and Charlize Theron.
So, again, both. It depends on the person.