It's so hard to say. Lois had some great times with the short hair like in the one where Clark is shrinks down to a tiny person. Yet at other times it was just hideous--that scene on the balcony when they're talking about romantic spacemen comes to mind. She looked leonine if that's the word for "something like a funky lion".
I know Teri Hatcher has had some fabulous long-hair moments. That picture of MLT's is one of them. Her hair is great in those Clairol ads too. Lois never had long, long hair in the show so it's hard to vote.
Practically speaking, Lois Lane, intrepid reporter, makes more sense with short hair. I certainly wouldn't like to chase after leads or fight bad guys with all that extra weight on me. Not to mention prep time when you're in a hurry.
I hate making decisions. Can you tell?