Here are the PROs and CONs for both options:

Two-component spray foam PROS

• Provides both insulation and air sealing; air sealing is excellent because the foam expands to fill gaps and cracks.
• High R-value -about R-7 per in. depending on formulation.
• Speedy installation.
• Once cured, spray foam insulation stays in place; it won't shift, settle, or fall out of place.

Two-component spray foam CONS

• Messy; overspray can deposit foam where it must be removed.
• Respirators and protective clothing must be worn during installation.
• Temperature sensitive; cold temperatures can cause problems with foaming action or curing.
• R-value can degrade slightly over time.

Rigid foam insulation PROS

Rigid foam is easy to work with. No respirators or special equipment are required.

• Provides both insulation and air sealing, provided that seams between foam panels are sealed with tape.
• Less messy than spray foam.
• Different thicknesses are available to suit different application & R-value requirements.
• Panels are easy to cut and can be installed in any temperature.
• Safe handling; no harmful emissions during installation.
• Best installation for insulating crawl space and basement walls.
• Some rigid foam panels (like SilverGlo™, for example) include a radiant barrier for additional energy savings.

Rigid foam insulation CONS

• R-value varies based on type of rigid foam. It can be as low as R-3.8 per in. or as high as R-8 per in.
• More time-consuming installation than spray foam in some (but not all) applications.
• Sometimes single-component spray foam must be applied around edges of rigid foam to seal and hold panel in place.