Colleges have no preference for one test over the other. That means that you decide.
How do you handle time pressure? What types of questions do you find most challenging? Thinking through some of these issues might give you insight into which exam is right for you. The pace of the SAT gives more time to devote to each question, while the ACT expects you to work much faster. Take a look at how each test is structured and begin thinking about what exam suits you best. Though the best way to truly decide what exam you want to prepare for is by taking a full-length official practice exam.