That is a very old question, which often comes with the burden of leadership. I am sure every good monarch, general and politician has asked it. Ideally a healthy mix of both is preferred, at least by me. I would suppose the ideal situation would be loved by your friends and feared by your enemies, perhaps though you would want to be feared, just a little, by your friends.
Some years ago I watched a movie "A Bronx Tale" with Robert Deniro and Chazz Palminteri. If you've never seen it, it is a pretty good film. During the movie there is a scene which a young man asks the local mob boss this question. The boss's answer was fear. The reason he gave was that fear lasted longer. For a person of power fear would have to be the choice. Fear does last longer and is an excellent deterrent.
Love can be a fleeting emotion. It can end abruptly. It is delicate. True love, either in the romantic sense or not, perhaps is the strongest of all though. However such a thing seems to be quite rare in the world. Most love can end either with one colossal wrong move or with a series of idiotic missteps, which can be seen in the career of many public figures. It is said that the one thing the public loves more then building someone up is to tear them down.
Fear on the other hand has a lot of staying power. With the right knowledge of psychology it is easy to generate. People are easily intimidates and frightened. Fear spreads and panic trumps reason quickly. When I was a boy I had a teacher who demanded eye contact whenever he was speaking. Subsequently whenever I talk to a person I look at them directly, often making eye contact. This can create a very intimidating affect and sometimes I use it with that intention. Next time you are I a conversation look that person in the eye and see who breaks the gaze first. You be surprised at the result.
Ultimately I think it is better to be feared, just a little, more then you are loved. It is the foundation of respect and leadership. I will always remember one particular chemistry teacher who would always start off the school year by intimidating and scaring her class. Within a couple of weeks though she would soften, but that undercurrent of intimidation was always there and she would use when necessary. No one was ever late to her class or spoke out of turn in it. When I think of that teacher though I remember the first day of course but I also think about on her with great fondness. I understand that she acted the way she did for a very simple purpose, to get her class to succeed in the course. I would say that she is an excellent example of mixing fear and love in an affective way.