In answer to your question, yes! Either is probably acceptable and probably gets into what you personally prefer using as much as anything.
Here's some of the plusses and minuses. The oil based takes longer to dry and therefore is more succeptible to getting dirt in it. I think that the water based does not hold up as well and does a have a gray hazy look in some light or light angles. The length of time for drying may mean that you can put on more coats for more protection. Others may brag on the clear color of water based but the finish that floor originally had will look a lot more like the amber look of the oil based poly.
The bottom line is probably what your likes and expectations are, as much as anything. With either one, your want the area as clean of dust as you can get it when you apply the poly.