Theatrical release has the voice-over (added because test audiences didn't understand the original cut) and is, unusually, slightly longer than the Directors Cut because it features a landscape travel sequence shot from helicopter (for, but never used, in The Shining) tacked on to give the ending a more upbeat feel (once again because of test audience reaction).

The Directors Cut doesn't have the voice-over and is shorter but features a dream sequence that has signifance in that it relates to a central theme of identity. Downbeat ending.

Which do you prefer and which version did you see first?

Because I'm well old I saw the the theatrical release first and loved it. In fact it was a favourite film of mine for many years before the Directors Cut was rediscovered. Thus I can never really unhear the voice over. But I do love the dream sequence and I prefer the downbeat end, so I'm going with the DC.