Water dries soo much faster where you can apply multiple coats in one day. Light sanding is required between coats as ANY poly will not stick to itself unless roughed up surface.
Water has no smell and collects less dust.
Water does NOT leave that yellowish tint that oil does.
Water being water based will cause the wood to swell up and leave that not so smooth feel.
Water is not as durable as Oil, but tech is getting there
Oil has a hard finish
Oil smells badly
Oil takes 24 hours min to dry
Oil collects much dust during drying time
Oil turns yellowish later on