In an ideal world, I would prefer neither! Dancing is a lot more fun and has more point to it than just randomly walking or jogging.
However, if I had to choose at gunpoint, I would go for walking. Less damage to the knees and shins and more opportunity to enjoy myself and appreciate my suroundings as I go. Plus recent research has shown that what you need for optimum fitness is a fairly brisk 20 minute walk a day, not a heavy workout three times a week.
I don't like jogging; I find it difficult and it seems to sap my energy very quickly. Walking on the other hand is quite enjoyable. I like a stint in the fresh air (I am normally office bound). I love looking at what everyone is doing with their gardens, Nodding to other walkers as they pass by, noticing the birds in the area (uness they are plovers which are a bit inclined to swoop). Definitley walking for me.
Walking - I do a brisk 6km walk every day, sometimes twice a day if I'm in the mood. After my husband died I started walking and found it a good way to deal with my emotions. I ended up losing 16 kgs although that hadn't been the intent, but a great side-effect!