The decision of oil-based or water-based comes down to a number of factors.
A few you should consider before making your decision are; access to ventilation, size of project, colour and desired finish. If you are working inside and cannot ventilate well (if you do not have windows to open, for example), then water based has the advantage as it is low odour.
When you are working on large surfaces, and need a long working time, oil based stains are ideal. They tend to dry slower than water based and therefore provide a longer working time. Colour range and depth of colour should be taken into consideration.
Oil based or dye based stains used undiluted tend to provide a deeper, richer colour than water based alternatives.
Let your project and circumstances help you determine whether or not you're going to use water-based or oil-based stain. And to help ensure colour satisfaction, always try your selected colour and stain on an off cut or spare piece of wood to see what it will look like on your unique project and timber species.