It's close, but I think I'll say B&W. This seems more about texture and shape and the color seemed to distract me from that a little bit. For example, the pattern of the chain link fence mirrors the pattern of the safety glass behind the fence on the left. I didn't really notice it when I was staring at the color one to see what hit me about it, but it was one of the first things I noticed when I scrolled down to the B&W version.
I prefer the B&W. Like Limr mentioned this seems to be more a photo of the different textures present than the actual items. When I look at the color one my first thought is "why would someone take a picture of a drain pipe behind a fence?"
I think the rusty metal adds to the scene's character and nature, so for me, the color image is the one I prefer. Both can stand on their own however, so neither is a landslide winner.
The B&W, the reasons for which Leonore nailed yesterday. Wonderful image!
I'd probably crop out the bricks on the bottom and a little on the right. I notice that you darkened the reds in the conversion, possibly to darken the brick and make it less evident, so perhaps you were leaning in this direction, or perhaps not, and I've just lost my mind - it's been suggested before ...