Overall?
HERO (closely followed by Mutants & Masterminds). I can design each PC's magic system to fit the PC. Only one spell, but usable at will? Check! Create spells on the fly? Check! Vancian? Check! Modular and enhanceable (3.5 Psionics)? Check! Chronomancy, Totemic, Runic, Gem, Tattoo based? Check, check, check, check, check!
Of the ones that have appeared in D&D, I like Vancian & 3.5 Psionics pretty much equally, followed by Incarnum & Shadow, and a little love for the Unearthed Arcana fatigue system.
I also like elements of Monte Cook's revision in Arcana Unearthed/Evolved. Once again, rarity of the spell is a factor in availability. And unlike most previous published versions of the Vancian system, the quality of your material components can make a difference in the results of your spell- a nice touch.