I sometimes like a little milk in my soda.
For a party, I'd say soda.
The milk with cake is best at home for a snack.
I myself usually don't like milk unless it's store bought chocolate or white milk that's been heated. Wouldn't even drink it when I was a toddler. Hated the stuff. My mother use to have to put a raw egg and vanilla with just a little sugar in it to get me to drink it once in awhile.
Don't forget Rhett, some people are lactose intolerate. Don't know how many people you are planning for but maybe you could get a biggy of soda and a quart of milk, or whatever might make a fair distribution.