To start by being repetitious all the advice below is pretty firm.
There are very strong reasons for both and the best answer isn't possible due to a lack of detail. The person who would know is your accountant, or if you don't have one, you need tax advice, not real estate. There are simply too many areas of concern to really give clear advice in a forum like this. Income is a factor, AMT is a factor, Investment strategy, your age, your family situation, your lifestyle and income, etc. Generally advising a client to lease option is to prevent a liquid seller for having to sell in the best buyers market in years. Let the crisis pass you buy and sell in a better market. Yes it is leasing, yes it has risks, yes you probably won't close but you still have the asset.
I might also suggest an investment opinion. Ask your investment advisor what the best inflation hedge is and what the probability of 70's style inflation is in the coming years. Between your Tax guy, Investment guy and realtor, the answer should become very clear.