Which raw choice is the best quality?
Too Long, Didn't Read version:
14 bit lossless compressed
As mentioned above, 14 bit raw is the best option. Because raw is non-gamma corrected and linear, 14 bit file has room for 14 stops of dynamic range, and 12 bit raw for 12 stops. (Jpeg has tone curve and gamma correction applied and has room for about 11 stops of DR.)
Lossless compression is literally lossless. In this mode the camera uses a reversible compression algorithm (not unlike winzip), that is safe to the data. This is the most efficient mode. (See note below)
Some cameras offer also a
compressed format (without the lossless modifier), but this mode uses a lossy compression algorithm (not unlike jpeg), that permanently and unretrievably loses data. Most of the lower tier cameras offer only this mode for raw recording. File sizes tend to be in the order of 75 % smaller than uncompressed. I wouldn't use this format if given the option, I'd rather use jpeg when high compression and small files are the priority.
Note: Uncompressed raw offers only one possible advantage over lossless compressed: in the post apocalyptic world humanity might have forgotten how to uncompress data and in this case it is easier to extract the image from an uncompressed file. And this comes with the penalty of 50 % larger files, on average