Hi venkatg,
They are both pretty good and both perfectly usable in ASP.NET MVC. You'll tend to see more examples using EF than raw ADO.Net, but EF has some drawbacks and limitations. ADO.Net has been pretty stable.
So its better if you use ADO.Net.
EF can't be faster. But it makes development much faster and improves maintainability of your code. I mean using Linq queries with EF requires you to write less code.