Obviously, both of these teams are pretty bad record-wise (Bulls 18-26; Timberwolves 14 -27). However, Minnesota has played well as of late, as opposed to the Bulls.
Since January 3rd at the United Center the Minnesota Timberwolves are 7 - 2 (8 -2 including their game from the previous night). I was at that game and the T-wolves mostly dominated the Bulls, although the Bulls actually managed a brief one point lead in the 4th quarter (the best part of being at that game was that everybody in my section won a Chipotle burrito). Minnesota has a young nucleus (Jefferson, Foye, Love) that's starting to play well together, and without all the absurd melodrama that surrounds our Chicago Bulls. Al Jefferson is only 24 and is a monster in the post, and could be a guy to build a franchise around.
The Bull's key is, of course, Derrick Rose (and the rest of the team can go play in Russia as far as I'm concerned). If the Bulls are to contend in the future, they will likely have to build the team around Rose. Regarding which team is closer to a title depends on who will be the better franchise player: Rose of Jefferson? I'm inclined to go with Rose, and therefore the Bulls. On the other hand, if Minnesota would stayed with O.J. Mayo in the draft, they would easily be my choice.
Of course, both of these teams are a long way away from anything resembling a title. Even though I think Rose IS a player to build a championship team around, I don't think I trust the Bulls organization to make the right moves.