I have both and both are good in their own ways.
Priests are good as you can take a healing spec as an dual spec from 30 and this will enable you to get into dungeons quicker and thus level faster. As a S-Priest, the majority of mobs will die just as they reach you when you apply all your dots and mind flay. for multiple mob groups, chuck on a shield before the pull and your good to go.
Warlocks are good in that the pet takes most of the damage, once you get the voidwalker, this is so much easier. Depending on what spec you pick is how fast you will level in my opinon. Demonology is very fast as the Felguard holds aggro very well, and you can pull more mobs while he finishes off his target, and so on, to create chain pulling. Affliction is good for doing lots of single target damage, those Dots REALLY start to hurt

and Destro is good for burst damage.
Out of the two, personally I would pick the Spriest if i had to level one or the other. Plus, in recent tests, SPriests are currently topping the dps charts for all current raid content.