I suppose it really depends on what you are after.
Hardware wise, the Xbox is more powerful on paper but in reality when the systems are more known to developers then I don't think it will really matter. What does matter however is the service they provide.
Xbox has Gamepass and because of this, an almost unlimited source of games at your fingertips. The service is subscription based but the deal is fairly fantastic when you weigh up what you are able to get from the get go. The only issue I can see is if you stop the subscription. The X also looks a damn sight nicer than the PS5 too which will allow you to place the unit pretty much anywhere.
PS5 will be more known for its intuitive and excellent exclusives. They have just remastered Demon Souls which was the start of the Souls franchise and this alone would sell me a system were i not have a PC already. (I'm hoping they bring it out for PC down the line). The pad is new and truly feels next gen thanks to the adaptive triggers that read each game and provide resistance to the end user.
Personally for me, I would go PS5. I have had a PlayStation for most of my life, From PS1 to the PS4 which I have recently sold.