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$200 for sure. United generally values each point at 1 cent each so that's $100.
With the $200 credit, youll earn at least 1000 miles up to 2200 (if you're 1k status). So you really should compare $200 to 9000 miles.
If you have a sizeable miles balance and would otherwise redeem a business/first class ticket, you could get >$200 of value out of 10k miles. But in any other instance, $200 credit is better
I'd take the $200. The miles are worth around $120. https://www.nerdwallet.com/article/travel/how-much-are-my-united-miles-worth
$200, don’t look back