HELOC based on Prime or LIBOR?

[Ian I Leinwand]

Greeting All,

I'm looking for opinions on HELOC products. I working with two local lenders one has traditional HELCO based on Prime plus 1% and the other has a product they call The All in One Loan (AOL). The AOL rate is based on the monthly LIBOR plus 3.25%

I will be using this on a rental property I purchased for cash and plan to hold for at least 3 to 5 years. 

Any advantage or disadvantage to going with the LIBOR product vs traditional HELCO? This is a pretty nerdy financing question.