My recommendation would be "none of the above". You don't want soil in your pots. Not that it's bad, it just takes up space, makes them heavier, and doesn't add much nutrition or water holding capacity.
For cuttings up to 1 to 2 gallon size, I'll use half peat based potting mix (such as fafard professional potting mix), half coarse perlite
For trees larger than 2 gallons, I'll use 80% pine bark fines aka composted pine bark aka pine bark mulch, 20% coarse perlite. I'll throw in some pelletized lime to raise pH and an appropriate amount of slow release fertilizer, with minor ingredients.
I'll also throw in a handful of worms from my worm bin sometimes, or just place them on the ground and often worms will crawl in.
I get my pine bark mulch in 3 cf bags, but if you were able to find a cubic yard somewhere, that no doubt would be a lot cheaper. Perlite is going to be expensive no matter what you do, but it is beneficial. You could lower the ratio to 10% to save money, or you could probably eliminate it alltogether.
Such a mix will drain very well and probably won't hold perched water (which is a good thing), so if you're in a hot climate, you may have to water frequently.