captain america isn't indistructable like superman. He just has Super human powers, but is very much a mortal.
Wolverine only requires one atom from his body to survive in order to regenerate his entire body, with memories. And with his unbreakable steel skeleton and claws...
I go for wolverine.
Captain America does not have super powers. The Super Soldier Serum he ingested brought him to the peak of human physical potential. He is as fast, agile, strong, etc. as a human being can be
without being superhuman.
Typically, Wolverine could not regenerate from one atom. That is a misguided claim. If his body were blown apart into several pieces would all the different pieces regenerate him into several different versions of himself? No. He has been injured many times... lost lost of blood, etc. Those cells did not regenerate into a new being. There was one X-Men issue (Giant Sized Annual #11) where he was murdered by an alien being. His heart was ripped out and a spec of his blood flew across the room and landed onto an incredibly powerful source of energy. That energy source boosted his healing factor to the nth degree and a new Wolverine was formed because of it, but that was a freak episode. At the end of the day, Wolverine is as mortal as Captain America: he can drown in water, suffocate in the vacuum of space, burn from fire, etc. Throw him in pit of lava and he is toast. Over the years the writers have played around with his healing factor a lot. Sometimes he recovers from serious wounds almost immediately... at other times it takes him weeks to recover.
Wolverine could easily best CA. Wolverine IS superhuman. He is faster and stronger than cap. He is not handicapped by a fear of injuring or killing an opponent, and he has mastered dozens of fighting styles from all over the world due to his longevity. I have not followed recent story lines, but Logan is at least 200 years old! They like to dumb down his fighting ability for the movies (like when he fought Mystique) but according to canon, Logan is basically a war machine and is unstoppable. Even those with serious super powers have a hard time against him in physical combat. As someone said above, Wolverine would not even have to deploy his claws to dominate CA.
Interesting fact about Wolverine: he is actually very short. Perhaps it would not have worked to use a short actor for the films, but in the comics wolverine is barely 5'3". Bodybuilding related: I once saw a guy in the gym that reminded me of Wolverine. He was about 5'4"... furry as a beaver... and heavily muscled. Even had the facial hair of a Logan.