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In my PERSONAL opinion, Oxford is better.
Apart from ranking and all, I found the programs at Oxford very attractive. They have good range of electives and projects. Also many industry gurus come to Oxford all the year long. Oxford has an event called as Silicon Valley comes to Oxford where hi-tech entrepreneurs from Silicon Valley come to full day events at oxford.
Also as much as 150 Oxford alumni are successful entrepreneurs. This number is way better than many other established schools.
Oxford has very good reputation in social entrepreneurship.
And above all I found the admin dept and other professors and alumnus of Oxford extremely friendly and talented. I am very much impressed by the kindness and efficiency of Adcom. This school is tech oriented and uses latest technology in its everyday work.
Cambridge is more of an orthodox school. They don't even have online application procedure. Their adcom is bit slow and formal compared to Oxford. Though the curricular is more or less the same, the professors and the students are very formal.
But the plus point of Cambridge is its location. It is located at the Silicon Fern of UK. It is surrounded by no of hi tech companies.
Also Oxford and Cambridge business schools have combined recruitment eveny arranged once a year. So job profiles of students after graduation are also similar.
I personally found Oxford better and have opted for it.